Japan Equities Mixed as Yen Weakens Ahead of Fed

Japanese stocks swung between gains and losses as the yen declined from a four-week high ahead of a Federal Reserve policy decision.

Inpex Corp. climbed 3.4 percent to lead gains by oil explorers. Tokyo Electron Ltd. rose 2.8 percent after a report China is less likely to block its deal with Applied Materials Inc. Japan Tobacco Inc. tumbled 6.9 percent after a brokerage cut its rating on the stock and a report said the government is considering scrapping a tax break on six of the company’s cigarette brands.

The Topix (TPX) climbed 0.3 percent to 1,357.02 at the trading break in Tokyo, reversing a 0.5 percent decline. The Nikkei 225 rose 0.4 percent to 16,825.21. The yen weakened 0.3 percent to at 116.75 per dollar after advancing 1.2 percent yesterday. Investors are awaiting the end of the Federal Reserve meeting today for signals on the outlook for U.S. interest rates.

Bloomberg

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