Tokyo Electric Power Co. surged as much as 14 percent on a report the government is considering revising the law for compensation after nuclear accidents. The utility at the center of the 2011 Fukushima disaster then pared gains and closed 5.4 percent higher. Bridgestone Corp., Asia’s biggest manufacturer of tires, added 1.7 percent. Credit Saison Co. extended yesterday’s slump after Credit Suisse Group AG cut its target price for the consumer lender.
The Topix added less than 0.1 percent to 1,201.41 at the close in Tokyo after rising as much as 0.4 percent and dropping 0.2 percent. An equal numbers of shares rose as fell. The measure posted a 3.4 percent gain this month, its first since December. The Nikkei 225 Stock Average today dropped 0.3 percent to 14,632.38. A report today showed inflation accelerated in April following an increase in Japan’s consumption levy.
Japan’s consumer prices gained the most since 1991, swelled by the levy increase and the Bank of Japan’s unprecedented stimulus. Inflation excluding fresh food accelerated to 3.2 percent year on year in April, the statistics bureau reported, compared with the 3.1 percent median estimate of 32 economists in a Bloomberg News survey.
Industrial production fell 2.5 percent in April compared with the previous month, more than the 2 percent decline estimated by economists.
Copy Source: Bloomberg