BOJ’s Buying Shift Gives an Edge to Smaller Topix Firms: Chart

Sometimes, there are benefits to being small. A gauge tracking the smallest 1,467 firms on the Topix index gained 0.9 percent on Friday to close above its 200-day moving average for the first time since January, amid expectations the Bank of Japan’s shift to buy more exchange-traded funds tracking the Topix will have a greater impact on the less liquid small-cap shares. The broader Topix slid 0.2 percent on Friday, while the Topix Core 30 Index of the largest firms lost 0.8 percent.

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