Japan Stock Rebound Limited as Brokerages, Shipping Lines Drop
Bloomberg, (31/5) -- A rebound in Japanese stocks was limited by falling
carmakers and shipping lines as price swings continued near a two-year
high. The market’s plunge yesterday extended its drop to more than 10
percent since last week.
The Topix added 0.1 percent to close at 1,135.78 in Tokyo after yesterday dropping 3.8 percent. Historical volatility on the gauge was near the highest since the March 2011 disaster. Share rose as much as 2 percent in the morning session as weaker-than-expected U.S. data bolstered the case for continued Federal Reserve stimulus. The Nikkei 225 Stock Average climbed 1.4 percent to 13,774.54
“The market is trying to find a place to settle,” said Takashi Aoki, a Tokyo-based fund manager at Mizuho Asset Management Co., which oversees about $33 billion. “We don’t know where the bottom is yet. Volatility is likely to continue for a while”
The Topix fell 2.5 percent in May, it’s first monthly drop since the rally began mid-November. The gauge is still up 32 percent this year, most among major markets. Shares have risen on optimism Prime Minister Shinzo Abe and Bank of Japan Governor Haruhiko Kuroda will pull the country out of 15 years of deflation.
Mitsui O.S.K, Japan’s second-biggest shipper by market value, lost 4.2 percent to 369 yen today. Nippon Yusen KK, the largest, declined 1.9 percent to 266 yen. The Topix Marine Transport measure is down almost 20 percent from its 52-week high, the third-biggest decline among the Topix industry groups.
The Topix added 0.1 percent to close at 1,135.78 in Tokyo after yesterday dropping 3.8 percent. Historical volatility on the gauge was near the highest since the March 2011 disaster. Share rose as much as 2 percent in the morning session as weaker-than-expected U.S. data bolstered the case for continued Federal Reserve stimulus. The Nikkei 225 Stock Average climbed 1.4 percent to 13,774.54
“The market is trying to find a place to settle,” said Takashi Aoki, a Tokyo-based fund manager at Mizuho Asset Management Co., which oversees about $33 billion. “We don’t know where the bottom is yet. Volatility is likely to continue for a while”
The Topix fell 2.5 percent in May, it’s first monthly drop since the rally began mid-November. The gauge is still up 32 percent this year, most among major markets. Shares have risen on optimism Prime Minister Shinzo Abe and Bank of Japan Governor Haruhiko Kuroda will pull the country out of 15 years of deflation.
Mitsui O.S.K, Japan’s second-biggest shipper by market value, lost 4.2 percent to 369 yen today. Nippon Yusen KK, the largest, declined 1.9 percent to 266 yen. The Topix Marine Transport measure is down almost 20 percent from its 52-week high, the third-biggest decline among the Topix industry groups.
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