Japanese Stocks Fluctuate; Trading Companies Drop, Toyota Motor Advances

Japanese stocks fluctuated as trading houses declined after prices for oil and metals dropped while carmakers gained on the outlook for U.S. demand.

Mitsubishi Corp., Japan’s biggest commodities trader, lost 0.8 percent and Inpex Corp., the nation’s largest oil and gas explorer, sank 1 percent after crude and metal prices fell. Toyota Motor Corp., the world’s biggest carmaker, jumped 1.2 percent after an analyst said car assembly in North America may increase 5 percent this year.

“Investors will likely be in a wait-and-see stance ahead of the jobs data,” said Juichi Wako, a senior strategist at Tokyo-based Nomura Holdings Inc. “Investors are getting concerned about overheating in the short-term.”

Economists expect a U.S. Labor Department report today to show employment improved in December in the world’s largest economy.

The Nikkei 225 Stock Average fell 0.2 percent to 10,507.63 as of 9:18 a.m. in Tokyo. The Topix rose was little changed at 924.14, with about eight stocks gaining for every five that slid.

Stocks in the Topix were valued at 15.9 times estimated earnings on average at yesterday’s close, compared with 13.5 times for the Standard & Poor’s 500 Index and 11.1 times for the Stoxx Europe 600 Index.

Crude oil for February delivery declined 2.1 percent to $88.38 a barrel in New York yesterday. The London Metal Exchange Index of six metals including copper and aluminum dropped 0.2 percent yesterday, falling for a second day. Gold futures for February delivery declined for the third straight day yesterday.

Automobile assembly in North America may increase 5 percent this year to 12.6 million, Anthony Pratt, automotive senior analyst of PricewaterhouseCoopers LLP’s Autofacts team, yesterday said in a presentation in Detroit.