Japan Stocks Pare Losses at Close as Power Producers Rise
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Japan’s Topix index pared losses at the close after earlier falling as the yen surged overnight. Carmakers, developers and paper companies declined while power producers increased.
Toyota Motor Corp., the world’s biggest carmaker, fell 1.8 percent. Mitsubishi UFJ Financial Group Inc., Japan’s No. 1 lender, slid 1.8 percent after lawmakers passed a rule to impose losses on investors of failing financial institutions. Nomura Real Estate Master Fund Inc., Japan’s largest initial public offering this year, sank 6.2 percent on its debut. Tokyo Electric Power Co. surged 7.1 percent as utilities led gains.