Japan Topix Swings as Carmakers Gain While Real Estate Drops

Japan Topix index swung between gains and losses, after posting five days of advances, as carmakers climbed while shippers and developers retreated.

Toyota Motor Corp., the world’s biggest carmaker, gained 0.8 percent even as the yen strengthened. Nippon Suisan Kaisha Ltd. headed for its highest close in five years after SMBC Nikko Securities Inc. boosted its rating on the seafood-product maker. Gauges tracking non-ferrous metal producers and real estate companies fell at least 0.4 percent for the largest losses among the Topix’s 33 industry groups. Credit Saison Co. sank the most on the Nikkei 225 Stock Average after Credit Suisse Group AG cut its target price for the consumer lender. The Topix gained 0.2 percent to 1,200.68 as of 12:48 p.m. in Tokyo after falling as much as 0.4 percent. The measure rose 4.2 percent in the previous five days and is up 3.3 percent in May, poised for its first monthly advance this year. The Nikkei 225 added 0.1 percent today to 14,690.16. The Japanese gauge traded at 1.16 times book value at the last close, compared with 2.66 for the S&P 500 and 1.90 for the Stoxx Europe 600 Index. Volume on the Topix was about 3.4 percent higher than the 30-day intraday average today. Source : Bloomberg