At the close of trading in Tokyo, the Topix dropped 0.4 percent to 1,276.19 with approximately five shares falling for every three that rose. The Nikkei 225 fell 0.3 percent to 15,474.50, according to The Wall Street Journal, while on Friday, the key market gauge slipped 97.66 points. Meanwhile the yen was down 0.1 percent to 102.71 per dollar.
On Monday Tokyo Stock Exchange’s downside was solid as a result of buying on dips, after being weighed down by selling prompted by weaker New York equities late last week.
Takashi Aoki, a Tokyo-based fund manager at Mizuho Asset Management Co said, “It’s troubling for us if overseas markets drop. The effects of the foreign markets on the Japanese market is limited recently, but if it drops a lot, then we can’t help but be affected here,” according to Bloomberg.
After reporting that operating profit more than doubled, one of Japan’s leading producers of polyester and other industrial materials, Teijin Ltd, had the greatest increase on the Nikkei 225 Stock Average. Teijin climbed the most since May by 4.7 percent to 265 yen. The company said operating profit was 4.8 billion yen in the three months ended June 30, exceeding the 2.7 forecasted by analysts.
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