Japan's Topix Swings Ahead of Two-Day BOJ Policy Meeting

Japan’s Topix index swung between gains and losses, after the gauge yesterday climbed to its highest level in seven weeks, ahead of a two-day Bank of Japan policy meeting starting today.

Toilet-maker Toto Ltd. sank the most on the Nikkei 225 Stock Average today after Credit Suisse Group AG cut its rating on the shares. Tosei Corp. dropped 3.9 percent after the developer said it will sell shares overseas. Aeon Co. (8267) gained 2.8 percent after the retailer reported a 9.8 percent gain in operating profit. Dream Vision Co., which operates Internet shopping sites, was poised to gain on its trading debut today.

The Topix was little changed at 1,196.90 as of 9:17 a.m. in Tokyo. The gauge yesterday rose to its highest since May 22. The Nikkei 225 Stock Average fell 0.2 percent to 14,443.24.

The Topix (TPX) gained 4.8 percent last week, bringing its increase over three weeks to more than 12 percent, the most since April 2009. After plunging as much as 18 percent from a May 22 high, the gauge has rebounded amid optimism Prime Minister Shinzo Abe will push through economic reforms after elections on July 21.

To contact the reporter on this story: Anna Kitanaka in Tokyo at akitanaka@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net

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