Japanese stocks swung between gains and losses as investors awaited a rush of company earnings and policy updates from the Federal Reserve and the Bank of Japan later this week. Steelmakers fell and retailers led gains.
The Topix index slipped 0.1 percent to 1,558.01 as of 9:04 a.m. in Tokyo, swinging from a gain of less than 0.1 percent. The Nikkei 225 Stock Average was little changed at 18,940.20. The yen traded at 120.93 per dollar, strengthening for a second day.
The Fed announces its rate decision on Wednesday, with futures traders pricing in just a 6 percent possibility of an increase. Expectation are higher for action in Japan when the BOJ meets on Friday, with 16 of 36 analysts surveyed by Bloomberg forecasting the central bank will bolster monetary policy.
Friday also marks the busiest day of the Japanese earnings season, with more than 300 companies expected to file results, including NTT Docomo Inc. and Japan Airlines Co. Companies reporting Tuesday after the close include robot-maker Fanuc Corp. and camera-maker Canon Inc.
E-mini futures on the Standard & Poor’s 500 Index were little changed after the underlying gauge slipped 0.2 percent on Monday following four weeks of gains. The index is on track for its best month since 2011 after surging 11 percent from its August low.