May Rally in Tokyo Shares Comes Amid Slump in Liquidity: Chart

The 2.9 percent May rally in Japan’s Topix index came amid dwindling trading volume, with the number of shares changing hands on the Tokyo Stock Exchange first section dropping to just 1.6 billion shares on May 30, the lowest level of the year. Volume then soared to 2.6 billion shares on Tuesday as month-end trading kicked in. Investors have been largely inactive as they wait for events including a decision on Japan’s sales tax delay and confirmation the U.S. will boost interest rates next month, said Kazuhito Suzuki, a senior strategist at Shinkin Asset Management.

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