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Japan’s Topix Halts Two-Day Gain as Energy Explorers Drop

Japan’s Topix index fell for the first time in three days as oil explorers slid and investors speculated shares climbed too far, too fast after Tokyo was chosen to host the 2020 Olympics.

Inpex Corp., the country’s biggest energy explorer, sank 3.4 percent on lower crude prices as the possibility of imminent strikes on Syria receded. Taisei Corp., a builder that surged 29 percent in the past two days on speculation it would benefit from the Olympics, slipped 4.6 percent. Kawasaki Kisen Kaisha Ltd., Japan’s No. 3 shipper, fell the most on the Nikkei 225 Stock Average after announcing a plan to sell convertible bonds.

The Topix decreased 0.1 percent to 1,189.25 at the close in Tokyo, with volume about 58 percent above the 30-day average. The gauge advanced 3.7 percent in the previous two days after Tokyo was picked to host the games. The Nikkei 225 Stock Average was little changed today at 14,425.07.

“Japanese stocks were in party mood on Monday and Tuesday after the Olympics decision,” said Koichi Kurose, chief economist in Tokyo at Japanese lender Resona Bank Ltd. “But the games are still seven years away and it’ll be a long time before there is any actual effect on infrastructure development or tourism. After the initial exuberant reaction, it wouldn’t be strange for stocks to take a breather.”

A gauge tracking energy producers fell the most among the 33 Topix subsectors after President Barack Obama pulled the U.S. from the brink of a military strike against Syria. Obama said in a live broadcast from Washington he had asked Congress to delay a vote authorizing military force to pursue a diplomatic solution in which Syria would surrender its chemical weapons.

Crude Drops

West Texas Intermediate oil fell as much as 0.8 percent to 106.53 dollars a barrel before paring losses. Inpex sank 3.4 percent to 451,500 yen. Japan Petroleum Exploration Co. dropped 2 percent to 4,445 yen.

Tokyo beat Istanbul in a runoff vote among members of the International Olympic Committee meeting in Buenos Aires last weekend. Construction companies, developers, tourism stocks and sportswear makers rallied on Monday and Tuesday on the news.

Taisei dropped 4.6 percent today to 500 yen and Kajima Corp. retreated 3.3 percent to 413 yen. The builders led gains on the Nikkei 225 for the prior two days. Mitsui Fudosan Co., Japan’s largest developer, slipped 0.4 percent to 3,500 yen. Imperial Hotel Ltd., which is expected to benefit from an influx of overseas visitors, surged 17 percent to 5,900 yen.

Apple Suppliers

The Topix soared 38 percent this year, with Japanese equities performing the best among developed markets tracked by Bloomberg, amid optimism Prime Minister Shinzo Abe and the Bank of Japan can lead the country out of deflation through unprecedented monetary easing.

Japanese suppliers of Apple Inc. retreated today after the maker of the iPhone unveiled new models. Murata Manufacturing Co., which sells electronic components and counts Apple as its biggest customer, fell 3.3 percent to 7,040 yen. Mitsumi Electric Co. sank 4.3 percent to 737 yen.

Kawasaki Kisen tumbled 5.2 percent to 238 yen. The company announced a plan yesterday to sell 50 billion yen in convertible bonds overseas and use the proceeds for capital expenditure and to repay debt.

Carmakers were the biggest positive contributors to the Topix today as the yen held losses past 100 per dollar. Mazda Motor Corp., which gets more than 70 percent of sales overseas, climbed 2.6 percent to 427 yen. Isuzu Motors Ltd. jumped 5.6 percent to 628 yen.

Daikin Industries Ltd. gained 3.9 percent to 5,270 yen. China’s industrial output rose 10.4 percent in August from a year earlier, the National Bureau of Statistics said on its website yesterday, exceeding analyst estimates for 9.9 percent growth. The country’s retail sales gained 13.4 percent.

GS Yuasa

Among other stocks that rose, battery-maker GS Yuasa Corp. led gains on the Nikkei 225, jumping 8.2 percent to 544 yen. Hitachi Construction Machinery Co. increased 5.1 percent to 2,357 yen after its shares were raised to neutral from underperform at Macquarie Group Ltd.

Futures on the Standard & Poor’s 500 Index slid 0.1 percent. The measure climbed yesterday in New York, extending the longest winning streak since July.

Japan’s broader equities gauge traded at 1.24 times book value today, compared with 2.47 times for the Standard & Poor’s 500 Index and 1.74 for the Stoxx Europe 600 Index yesterday, according to data compiled by Bloomberg. The Topix’s historic volatility was at 23.72 today, compared with its five-year median of 19.42.

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