TOKYO: Japanese stocks swung between gains and losses after the euro-area economy contracted in the second quarter, while U.S. retail sales rose more than estimated.
Shimano Inc., a bicycle parts maker that gets almost 40% of its sales in Europe, slid 0.5%. Funai Electric Co., an audio-visual equipment company that earns half of its sales from North America, rose 1.2%.
Sharp Corp., the nation’s top liquid-crystal panel maker, sank 4.2 percent on a Nikkei report the company is trimming its sales forecast and Deutsche Bank cut its equity rating to sell.
The Nikkei 225 Stock Average slid 0.1% to 8,920.96 as of 10:04 a.m. in Tokyo after rising as much as 0.3% earlier.
Volume on the gauge was 15 percent below the 30-day average with many traders off for O-bon holidays this week. The broader Topix Index rose 0.2% to 748.31, with about four shares advancing for every three that fell. (Bloomberg/tw)