Japanese shares swung between gains and losses after the Topix index posted its biggest rally in more than a year yesterday.
Toyota Motor Corp., the world’s biggest carmaker, provided the most support to the Topix while wireless-carrier SoftBank Corp. was the largest drag. Japan Steel Works Ltd. slumped the most on the Nikkei 225 Stock Average after saying it will book a one-time loss of 16 billion yen ($150 million) caused by a problem with parts for wind-power generators. Lixil Group Corp., which makes toilets and other fixtures, added 2.1 percent.
The Topix was little changed at 1,223.83 as of 9:35 a.m. in Tokyo after rising and falling as much as 0.3 percent. It jumped 4 percent yesterday, the most since June 2013, after slumping 12 percent the previous three weeks. The Nikkei 225 slid 0.4 percent to 15,053.74 today, while the yen gained 0.1 percent to 106.82 per dollar. U.S. shares climbed for a third day yesterday, halting a rout in the world’s biggest equity market.
Futures on the Standard and Poor’s 500 Index slipped 0.1 percent. The underlying equity gauge advanced 0.9 percent yesterday as optimism over corporate earnings spurred a rebound from last week’s selloff. Apple Inc., which rose 2.1 percent during regular trading, gained after exchanges closed on higher-than-forecast sales.