Japanese stocks fluctuated, with the Topix index trading near a seven-year high, as the yen rose and investors weighed a report the central bank views further monetary easing as counterproductive for now.

The Topix index added 0.1 percent to 1,450.57 as of 9:06 a.m. in Tokyo, swinging from a loss of 0.1 percent. The measure is heading for a fourth straight weekly gain after it closed yesterday at the highest since December 2007. The Nikkei 225 Stock Average lost 0.3 percent to 17,923.93. The yen added 0.2 percent to 118.93 per dollar after strengthening 1.1 percent on Thursday, its steepest one-day jump since Dec. 16.

The yen rose after remarks by people familiar with central bankers™ talks indicated a possible shift in thinking among some BOJ officials after the yen™s 22 percent tumble since they began unprecedented easing almost two years ago.

Futures on the Standard & Poor™s 500 Index lost 0.1 percent after the underlying gauge rose 1 percent yesterday to close within three points of a record high as optimism over a Ukraine cease-fire agreement boosted risk appetite. Cisco Systems Inc. drove U.S. stock gains after it joined the 76 percent of S&P 500 members that have beat analysts™ earnings estimates this season.

Source : Bloomberg