|Published : 20 Sep 2016, 11:48:23|
Japanese stocks rise in choppy trade
Japanese stocks rose in choppy trade on Tuesday as investors counted down to this week's Bank of Japan policy decision amid speculation the central bank will make crucial changes to its massive easing programme.
The Nikkei gained 0.3 per cent to 16,570.16 in midmorning trade after opening at the day's intraday low at 16,403.22.
But the broader Topix outperformed, rising 0.9 per cent to 1,322.66.
Bellwether stocks outperformed the market, with traders speculating that pension funds may be buying components of the Topix Core 30 index, which soared 1.2 per cent.
Toyota Motor Corp gained 2.2 per cent, Nissan Motor Co rose 1.6 per cent and NTT Corp soared 3.0 per cent.
As of last Friday, the short-sell ratio stood at 39.7 after hitting 44.9 on Thursday, the second highest after a record high of 47.1 hit on June 10.
Bucking the trend, Takata Corp dived 14 per cent after a Bloomberg report that some of the company's bidders are considering the possibility of some form of bankruptcy proceedings for the troubled Japanese air bag maker.
The JPX-Nikkei Index 400 gained 0.8 per cent to 11,868.39, according to a news agency report.