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Japan’s Topix Index Declines as Daio Paper, Tokyo Dome Plunge

Japan Stocks Rise
Employees work on the trading floor of the Tokyo Stock Exchange in Tokyo. Photographer: Tomohiro Ohsumi/Bloomberg

Nov. 11 (Bloomberg) -- Japan’s Topix index edged down for a second day, the only major Asian benchmark not to rebound from yesterday, after Tokyo Dome Corp. plunged and Daio Paper Corp. joined Olympus Corp. on a watchlist for delisting.

Tokyo Dome dropped 4.1 percent after the Yomiuri Giants, who play in the stadium, said the chairman of the team’s owner interfered in coaching appointments. Daio Paper tumbled 19 percent after it was put on notice for possible delisting for missing an earnings deadline. The company last month said its former chairman took personal loans from it. Inpex Corp. pared losses after it denied a report that it’s delaying a gas project.

The Topix retreated 0.2 percent to 729.13 at the 3 p.m. trading close in Tokyo. For the week, the index lost 3 percent. The Nikkei 225 Stock Average gained 0.2 percent to 8,514.47 today after losing as much as 0.2 percent. The gauge has lost 4.6 percent since Oct. 27 when most Japanese companies started to report results.

“In Japan, you have a series of very poor earnings and downward revisions due to a strong yen and Thai floods,” said Mattia Ciancaleoni, director of equity sales at Citigroup Global Markets Japan Inc. “There’s uncertainty over demand after the European Commission downgraded the outlook for Europe’s growth and the U.S. doesn’t seem to be taking much of the slack.”

Missed Estimates

Of the 1,399 companies on the Topix that have posted quarterly results so far, 213 missed analyst estimates and 168 topped them, according to Bloomberg data. Manufacturers with factories in Thailand such as Toyota Motor Corp. and Honda Motor Co. postponed full-year profit forecasts after flooding disrupted production.

Tokyo Dome slid 4.1 percent to 165 yen. The stadium’s tenant said the chairman of the club’s owner, the Yomiuri newspaper, tried to influence the team’s coaching appointments, violating protocol. Chairman Tsuneo Watanabe shouldn’t consider the Giants his “personal property,” Hidetoshi Kiyotake, the team’s general manager, told reporters in Tokyo today.

Daio Paper tumbled 19 percent to 433 yen. The Tokyo Stock Exchange put Daio on a delisting watchlist after the papermaker said it will probably miss its Nov. 14 earnings deadline.

Olympus fell 5 percent to 460 yen. The optical equipment maker, which this week said it used oversized adviser fees to hide investment losses dating back to the 1990s, yesterday said it would also miss the deadline. The stock has fallen more than 80 percent since Oct. 14 when its former chief executive officer publically questioned the adviser payments.

Inpex Drops

Energy explorer Inpex fell 1.6 percent to 506,000 yen. The stock pared earlier declines after it denied a West Australian newspaper report that it suspended an application for a production license at the Ichthys natural gas project.

Futures on the Standard & Poor’s 500 Index rose 0.4 percent today. The index rose 0.9 percent yesterday in New York after U.S. initial jobless claims fell by 10,000 to 390,000 last week. Stocks also gained as Italian bond yields retreated below the 7 percent threshold that prompted Greece, Portugal and Ireland to seek bailouts.

“The U.S. economy has significantly improved with increasing positive economic data,” said Stan Shamu, a strategist at IG Markets in Melbourne. “Some companies with established earnings will get a bit of traction from investors who are looking into gaining a bit of value.”

Among stocks that advanced, Sony Corp. rose 2.4 percent to 1,354 yen. Canon Inc., a camera maker that gets 81 percent of its revenue abroad, climbed 2.1 percent to 3,435 yen.

To contact the reporter on this story: Yoshiaki Nohara in Tokyo at

To contact the editor responsible for this story: Nick Gentle at

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