Japan��s Topix index swung between gains and losses after back-to-back weekly declines, as Tokyo Electron Ltd. advanced while financial shares slid.
Financial companies, rubber makers and steel producers fell the most among the 33 Topix industry groups. Mitsubishi UFJ Financial Group Inc. was the biggest drag on the gauge. Tokyo Electron surged 5.7 percent after Applied Materials Inc., which will acquire the Japanese industrial-electronics maker in a stock swap, forecast fiscal third-quarter sales that topped the low end of analysts�� estimates.
The Topix slipped 0.1 percent to 1,157.90 at the break in Tokyo after rising as much as 0.2 percent. The measure fell 0.6 percent last week, extending a 1.4 percent drop the previous period, as the yen gained and economic data in the U.S. and Europe missed expectations. The Nikkei 225 Stock Average added 0.1 percent today to 14,106.74. The yen traded at 101.55 per dollar after advancing for three days.
The central bank��s monetary stimulus and government spending, the so-called first two arrows of Prime Minister Shinzo Abe��s economic strategy, drove a world-beating 51 percent jump in the Topix last year. The measure fell 11 percent in 2014 through May 16 amid concern the measures, which also include deregulation as the third policy initiative, won��t be enough to revive the economy and generate inflation.
Source : Bloomberg