Japanese Stocks Rise as Positive Earnings Offset Toyota's Drop
- Toyota slumps 1.4 percent after forecasting profit decline
- Meiji surged after operating profit beat analyst estimates
Toyota Sees Profit Drop 35% on Yen Strength
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Japanese shares rose after the yen weakened and as positive earnings from Meiji Holdings Co. to DeNA Co. offset disappointing results from companies including Toyota Motor Corp. and Bridgestone Corp.
The Topix index gained 0.2 percent to 1,337.27 at the close of trading in Tokyo, after falling as much as 1.3 percent. The Nikkei 225 Stock Average advanced 0.4 percent to 16,646.34. The yen fell 0.5 percent to 108.92 after rising 0.8 percent on Wednesday. Japan’s earnings peak this week, with more than 260 Topix companies reporting Thursday. Milk producer Meiji Holdings Co. jumped 11 percent, the second-biggest boost to the Topix, after posting operating profit that beat forecasts.