Japan’s Topix index rose for the first time in three days as airlines led gains on the outlook for cheaper fuel as oil traded near an 11-year low. Toshiba Corp. tumbled for a second day.
The Topix index gained 0.2 percent to 1,533.60 at the close in Tokyo, swinging from an earlier 0.3 percent drop. The Nikkei 225 Stock Average fell 0.2 percent to 18,886.70. Brent crude halted a slide near the lowest price since mid-2004, while metal prices recovered after China signaled it may boost stimulus to support growth. Japanese markets will be closed Wednesday for a national holiday.
Toshiba fell 12 percent, bringing its two-day decline to 21 percent, after the electronics maker forecast a record net loss of 550 billion yen ($ 4.5 billion) for the current fiscal year as it seeks to cope with the fallout from its on-going accounting scandal. It posted the biggest decline on the Nikkei 225.
Electronic parts maker Mitsumi Electric Co. surged 9.9 percent, rising for a second day, after announcing a plan to merge with Minebea Co. in 2017. Shares of Minebea fell 4.1 percent.
Pharmaceutical companies gained. Eisai Co. added 1 percent after Goldman Sachs Group Inc. raised its rating. PeptiDream Inc. jumped 7 percent after announcing a research collaboration with Genentech Inc.
McDonald’s Holdings Co. Japan Ltd. sank 7.9 percent after the Nikkei reported its U.S. parent is considering selling as much as a third of its stake in the Japan unit.
Airlines and transport stocks posted the biggest gains among the 33 industry groups on the Topix index. Japan Airlines Ltd. rose 2.7 percent and West Japan Railway Co. jumped 3.9 percent.