Japanese Stocks Fluctuate as Higher US Yields Support Banks
Japan’s stocks fluctuate as higher long-term yields in the US overnight supported banks, while a slightly stronger yen weighed on exporters such as automakers and tech companies.
Topix Index rose 0.3% to 2,666.38 as of 9:36 a.m. Tokyo time.
Nikkei 225 advanced 0.1% to 38,630.16.
Mitsubishi UFJ Financial Group contributed the most to the Topix’s gain, increasing 2%. Out of 2,125 stocks in the index, 1,107 rose and 862 fell, while 156 were unchanged.
Nippon Paint Holdings shares jumped as much as 24%, the most since February 2000, after the company announced plans to purchase global chemicals formulator AOC for $2.3 billion.
“With the buying back of stocks after the lower house election having subsided, today’s Japanese stocks are likely to be subject to profit-taking sales,” said Hideyuki Ishiguro, chief strategist at Nomura Asset Management.
Source : Bloomberg
