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Japan Stocks Mixed as Yen Strengthens

Japanese stocks swung between gains and losses as an advance by drugmakers and food producers countered a drop by steel companies and financial shares.

Ono Pharmaceutical Co. jumped 10 percent to be the single biggest boost to the Topix index after Credit Suisse Group AG raised its investment rating on the stock. Alps Electric Co. gained 4 percent after the electronic parts maker was upgraded by Morgan Stanley. Sharp Corp. tumbled 7.1 percent after a report it plans to sell shares and seek investment from key lenders. Steel producer JFE Holdings Inc. slumped 4.1 percent as Nomura Holdings Inc. cut its rating on the stock. The Topix Banks Index slumped 0.9 percent after gaining for six weeks.

The Topix slid 0.2 percent to 1,521.84 at the trading break in Tokyo, after rising as much as 0.5 percent and yesterday closing at the highest level since December 2007. The Nikkei 225 Stock Average slid 0.2 percent to 18,786.68. The yen strengthened 0.3 percent to 119.73 per dollar after three days of losses.

Bloomberg [1]

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