8:30 PM Tokyo – The benchmark index Nikkei closed up but the Topix declined for the fourth day in a row. Index losses were limited after China eased bank reserve requirements for the third time in six months.
Stocks in Tokyo edged higher after utilities gained but automakers and electronics exporters led the decliners.
Investors weighed the better than expected earnings at domestic companies against the rising uncertainty in the euro zone as Greek leaders failed to form a unity party and the new election is likely to take place as early as June.
Greece is also expected to run out of money by August and party with the second largest seats in the current election strongly favoring to “nullify” bailout terms with the euro zone is likely to gain more support in the next election.
On Saturday, China eased bank reserve requirements, for the third time in six months, helping to pare losses in market indexes.
The Nikkei 225 Stock Average increased 20.53 to 8,973.84 and the broader Topix index fell 1.70 to 756.68.
Trading volume declined to 1.66 billion shares from 2 billion shares in Friday’s trading on the main board of Tokyo Stock Exchange.
Takeda Pharmaceuticals Co. decreased 3% to 3,290 yen after it reported fiscal year ending in March net income declined 50% to 124.2 billion yen on the costs linked to the acquisition of Nycomed.
Kansai Electric Power jumped more than 5.5% after the local town assembly agreed to permit the utility company to restart two nuclear reactors.
Kansai Electric Power Company, Inc gained 60 yen to 1,138 yen and Tokyo Electric Power fell 4 yen to 181 yen.
Toyota Motor closed up 5 yen to 3,230 yen and Honda Motor Co. slumped 22 yen to 2,730 yen and Nissan Motor Co Ltd decreased 16 yen to 788 yen after the automaker estimated operating profit to increase 28% in the current year, less than expected by analysts.
Panasonic reported a record loss in the last fiscal year as sales of flat panel TVs declined after the close on Friday. The electronics maker also forecasted a return to profitability in the current fiscal year.
Sony Corp increased 19 yen to 1,154 yen. Panasonic Corp closed up at 8 yen to 578 yen and Canon Inc slipped 5 yen to 3,460 yen.
Sony reported its largest fiscal year loss on Thursday and estimated return to profit in the current fiscal year.
Sharp Corp added 1 yen to 391 yen.
Olympus Corp unchanged to 1,130 yen, Nikon slides 13 yen to 2,461 yen and Fanuc Ltd surged 240 yen or 1.8% to 13,600 yen. Hitachi Ltd fell 7 yen to 494 yen.
Komatsu Ltd rose 2 yen to 2,054 yen and Hitachi Construction Machinery Co decreased 9 yen to 1,545 yen.
Torishima Pump Manufacturing Co Ltd plunged 6% and extended losses to the third day after the company estimated lower than expected operating profit.
Inpex Corp shrank 1.6% to 477,500 yen and Japan Petroleum Exploration Co. plunged 155 yen or 4.7% to 3,145 yen.
Mitsui O.S.K. Lines, Ltd added 1 yen to 273 yen, Kawasaki Kisen Kaisha, Ltd fell 2 yen to 137 yen and Nippon Yusen K.K. closed down at 2 yen to 202 yen.