Japan Stocks Decline as Over 1,000 Topix Members Trade Ex-Dividend

Japan’s stocks fell, after the Topix index capped its sixth weekly decline in seven weeks, as more than half the companies in the measure traded without the right to receive the next dividend.

Mitsubishi Corp., Hino Motors Ltd., and Fanuc Corp., which went ex-dividend Monday, slumped at least 3.7 percent. Metal producer Mitsui Mining & Smelting Co. declined 4.2 percent after Daiwa Securities Group Inc. cut its target price for the stock. Retail shares led gains among the 33 Topix industry groups, while a gauge of paper producers closed at its lowest since April.

The Topix slipped 1 percent to 1,438.67 at the close in Tokyo on volume 24 percent lower than the 30-day average. The Nikkei 225 Stock Average lost 1.3 percent to 17,645.11. More than 1,000 Topix members traded ex-dividend Monday, equating to a 10.8 point drag on the measure, data compiled by Bloomberg show. Shares held declines after data showed China’s industrial profit fell the most in at least four years.

The Shanghai Composite Index retreated on Monday as data showed industrial companies’ profits in the world’s second-biggest economy declined the most since at least 2011. Markets in Hong Kong, Taiwan and South Korea were closed for holidays Monday, while mainland China will be shut from Thursday for a week-long break.

Source : Bloomberg

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Japan Stocks Fall as Over 1,000 Topix Members Trade Ex-Dividend

Japan’s stocks fell, after the Topix index capped its sixth weekly decline in seven weeks, as more than half the companies in the measure traded without the right to receive the next dividend.

Hino Motors Ltd., Minebea Co. and Mitsubishi Corp., which go ex-dividend Monday, slumped at least 3.4 percent. Metal producer Mitsui Mining & Smelting Co. declined the most on the Nikkei 225 Stock Average after Daiwa Securities Group Inc. cut its target price for the stock. Railway shares led gains among the 33 Topix industry groups, while a gauge of steelmakers headed for its lowest since April 2013.

The Topix slipped 0.7 percent to 1,444.04 at the break in Tokyo. The Nikkei 225 Stock Average lost 1.1 percent to 17,677.12. More than 1,000 Topix members are trading ex-dividend Monday, equating to a 10.8 point drag on the measure, data compiled by Bloomberg show.

The yen strengthened 0.2 percent to 120.33 per dollar, after sliding 0.4 percent on Friday as Federal Reserve Chair Janet Yellen said the central bank remains on track to raise interest rates in 2015, bolstering the greenback.

Source: Bloomberg

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