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Japan shares rise on low volume as Nintendo, oil stocks advance
[TOKYO] Japanese stocks rose on low volume, with a gain in Nintendo Co shares boosting miscellaneous product makers while oil explorers advanced. Airlines and car manufacturers slid.
The Topix index added 0.9 per cent to 1,317.49 at the close in Tokyo, after falling less than 0.1 per cent earlier. Volume on the measure was about 9.8 per cent below the 30-day average. The Nikkei 225 Stock Average was 0.7 per cent higher. The yen was little changed at 102.46 per dollar after falling 0.6 per cent on Monday. The Bank of Japan's decision to almost double its purchase of exchange-traded funds on July 29 is helping to boost the measure after declines, said Satoshi Yuzaki, the investment research head at Takagi Securities Co in Tokyo.
"We're seeing a positive cycle where stock prices are bouncing off lows on a belief that the BOJ buying when shares drop will keep prices from falling much," Mr Yuzaki said.
Futures on the S&P 500 Index were little changed after the underlying measure lost 0.1 per cent on Monday. In Tokyo, about two shares rose for every one that fell on the Topix.