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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Japanese Stocks Rise Eighth Day as Oil Stocks, Utilities Climb

Japanese stocks rose for an eighth day after closing Monday at the highest level since 2007, with oil producers and utilities leading the advance.

The Topix index added 0.1 percent to 1,661.21 as of 9:02 a.m. in Tokyo. The Nikkei 225 Stock Average gained 0.2 percent to 20,454.46, extending a 15-year high. U.S. cash-equity markets were closed Monday for the Memorial Day holiday. The yen slipped 0.1 percent to 121.69 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, trades at 16.1 times estimated earnings, compared with 18 times for the Standard & Poor’s 500 Index.

Suntory Beverage & Food Ltd., which sells PepsiCo Inc. drinks in Asia, rose 1.4 percent after saying it will buy Japan Tobacco Inc.’s vending machines for about 150 billion yen ($ 1.2 billion) to add to its own, closing a distribution gap with Coca-Cola Co. in the country.

Source: Bloomberg

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