Japanese Shares Advance in Thin Trading Ahead of Brexit Results

  • Volume in Tokyo fell 28 percent below the 100-day average
  • Trading value drops to its second lowest level this year

Japanese shares rose in light trading as investors waited for the results of Britain’s referendum on European Union membership.

The Topix index added 1.1 percent to 1,298.71 at the close in Tokyo, with turnover dropping to its second-lowest level this year. Volume also fell 28 percent below the 100-day average. The Nikkei 225 Stock Average climbed 1.1 percent to 16,238.35. The yen was little changed at 104.39 a dollar. 

“Public opinion polls keep changing, so we don’t know what will happen until we see the actual results,” said Mitsushige Akino, a Tokyo-based executive officer at Ichiyoshi Asset Management Co. “There are going to be very few investors today who feel able to trade.”

With voting already underway in the U.K., recent opinion polls show the race is too close to call. Voting booths will close at 10 p.m. in London, or 6 a.m. Friday in Tokyo.

Steelmakers and shippers led gains, with all but three of the Topix industry groups advancing.

  • Sharp Corp. jumped 6.4 percent to lead gains on the Nikkei 225. The company will start shipping organic light-emitting diode, or OLED, panels next year, the Nikkei newspaper reported.

  • Mitsubishi Motors Corp. fell 0.9 percent after the company said it expects an annual loss of 145 billion yen ($1.39 billion) due to compensation costs relating to its fuel-economy manipulation scandal.

Futures on the S&P 500 Index added 0.5 percent after the underlying gauge slipped 0.2 percent on Wednesday.

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