07.08.201402:00:41UTC+00Japanese stocks mixed on corporate earnings

Japanese stocks swung from gains and losses in the opening trade on Thursday following yesterday’s fifth consecutive decline as the busiest week for corporate earnings arrive.

Japan’s Topix index shed 0.3% to 1,247.10, 12:38, Tokyo time. It had an intraday gain so far of 0.2%. The trend showed an approximately equal number of rising shares for every falling shares. The index had been on a five-week decline, losing 1% in yesterday’s trading session for a total of 3.2% decline for the last five days. The Nikkei 225 Stock Average fell by 0.3% to 15,114.37. The gauge is poised to have its longest losing streak last seen in November of 2012. The yen is also weaker as it lost 0.1% to match the dollar at 102.19 yen per 1 dollar following the previous day’s 0.5% increase.

Mazda Corp. is down 1.7% with its shares affected by the ongoing turmoil in Ukraine. Japan’s largest real estate company, Mitsui Fudosan Co. dropped by 3.1% following a worse-than-expected earnings report. Meanwhile, dairy product producer, Meiji Holdings Co. surged by 9% with a better-than-expected quarterly revenue.

Chief strategist at Daiwa SB Investments Ltd., Soichiro Monji, told Bloomberg that the market has already began a “summer-vacation correction.” Monji also commented that the geopolitical situation in Ukraine will continue to bolster risk and further pressure the world markets if the Russian military interjects in the situation. Despite this, Moji believes that Russian president Vladimir Putin will not go as far as that.

Just recently, Poland foreign minister warned about the risk regarding the Russian military troops expanding in the Ukraine border might indicate an invasion. Today, the US and NATO have joined in stirring the speculations of an invasion. Meanwhile, Russia reiterated that the reported military buildup on the border was “groundless” and rebounded at the sanctions against the nation. Russian President Vladimir Putin retaliated by commanding that restrictions be put on food imports that comes from the US and other select nations.