Japan Topix Index Rises Eighth Day to Extend 7 1/2-Year High

Japanese shares rose amid low trading volume, with the Topix index climbing for an eighth day to extend its highest closing level since 2007.

JFE Holdings Inc. jumped 4.5 percent, leading iron and steel companies to the largest gain among the 33 Topix industry groups. Nippon Paper Industries Co. climbed 3.5 percent after announcing a target to double operating profit in three years. Nomura Holdings Inc. fell a second day as brokerages led declines.

The Topix index added less than 0.1 percent to 1,659.57 at the close in in Tokyo, capping its longest stretch of gains in almost a year. Volume was about 19 percent below the 30-day average. The Nikkei 225 Stock Average advanced 0.1 percent to 20,437.48, extending a 15-year high. U.S. cash-equity markets were closed Monday for the Memorial Day holiday. The yen fell 0.3 percent to 121.93 per dollar.

Source: Bloomberg

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Japan Stocks Swing With Topix Index Trading Near 7 1/2-Year High

Japanese shares swung between gains and losses after the Topix index rose for a seventh day on Monday to close at the highest level since 2007.

Japan Airlines Co. climbed 3.7 percent, leading airlines to the largest gain among the 33 industry groups on the Topix. Nippon Paper Industries Co. jumped 4.5 percent, the most on the Nikkei 225 Stock Average, after announcing a target to double operating profit in three years. Nomura Holdings Inc. fell a second day as brokerages led declines.

The Topix index slipped less than 0.1 percent to 1,658.63 at the break in Tokyo after climbing as much as 0.2 percent. The Nikkei 225 advanced less than 0.1 percent to 20,416.25, trading at a 15-year high. U.S. cash-equity markets were closed Monday for the Memorial Day holiday. The yen fell 0.1 percent to 121.71 per dollar.

The nation’s exports rose more than forecast in April, a report showed Monday, after data last week indicated gross domestic product expanded for a second quarter. The Topix, which has climbed 18 percent this year, traded at 16.1 times estimated earnings at yesterday’s close, compared with 18 times for the Standard & Poor’s 500 Index on Friday.

Source: Bloomberg

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