Japanese stocks fluctuated between losses and gains on a day when the yen was on track for weekly highs and after US data pointed to weaker-than-expected economic growth of just 0,4% over the past three months of 2012. Volumes were low due to holiday closures of most Asian markets. Honda Motor, Japan's second-largest automaker, fell 0,7 percent.
Panasonic, the maker of Viera TVs, slipped 7,2% after the company's chairman said he intended to keep the plasma TV business. Mitsui Mining & Smelting, Japan's largest producer of refined zinc, gained 7,4% after its stock rating was upgraded.
Oki Electric Industry, active in communications equipment, recorded a +4,6% after the announcement of a plan to cut costs. The Topix Index fell 0,6% to 1030,56 on the trading break in Tokyo after rising 0,3 percent. The Nikkei 225 Stock Average had changed little at 12331,44, with volume 31% lower than the 30-day intraday average. Markets in Hong Kong, Australia, New Zealand, Singapore and India were closed.
“The continued strengthening of the yen is weighing on markets,” said Kenji Shiomura, senior strategist at Daiwa Securities Group. "Many markets are closed in the West and Asia and investors are on hold."
