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By Bloomberg

Japan’s Topix index closed little changed as investors waited for further clues from the Federal Reserve on the timing for a U.S. interest-rate increase.

Kawasaki Kisen Kaisha Ltd. gained 1.7 percent after the price of shipping commodities advanced. Sawai Pharmaceutical Co. added 2.2 percent after Iwai Cosmo Securities Co. initiated coverage on the company with an outperform rating. Oil refiner JX Holdings Inc. slid 3.6 percent as crude prices declined and after Nomura Holdings Inc. cut its rating on the stock. Don Quijote Holdings Co. dropped 1.7 percent after forecasting net income below analyst estimates.

The Topix index was little changed at 1,672.22 at the close of trading in Tokyo after rising as much as 0.3 percent and falling 0.1 percent. Volume on the measure was about 22 percent below the 30-day average. The Nikkei 225 Stock Average slipped 0.3 percent to 20,554.47. The Fed releases minutes from its July meeting on Wednesday.

“We have the FOMC minutes tomorrow, so investors want to wait and see what happens there and if it looks like they’re going to bring forward the rate increase,” said Naoki Fujiwara, chief fund manager at Shinkin Asset Management Co. in Tokyo. “There’s a good chance they’ll raise rates next month, so we’re not in a place to go chasing stocks higher.”

Investors are refocusing attention on the strength of the U.S. economy and its implications for Fed interest-rate policy. Traders see a 46 percent chance of a September increase, according to futures trading data compiled by Bloomberg.

Homebuilder Confidence

The Standard & Poor’s 500 Index added 0.5 percent in New York on Monday, reversing losses as data showed confidence among homebuilders climbed to the highest level in almost a decade. E- mini futures on the gauge fell 0.1 percent.

“The U.S. housing data were really good,” said Toshihiko Matsuno, chief strategist at SMBC Friend Securities Co. in Tokyo. “The American economy isn’t so strong that it’s overheating, but it’s doing pretty well.”

Kawasaki Kisen Kaisha added 1.7 percent, while rival Mitsui OSK Lines Ltd. added 2.4 percent. Nippon Yusen KK climbed 0.6 percent. The Baltic Dry Index gained 0.8 percent for a second day of gains.

Sawai Pharmaceutical rose 2.2 percent to close at its highest on record. Iwai Cosmo initiated coverage on the stock with an outperform rating and a target share price that’s about 15 percent above Tuesday’s closing price.

JX Holdings dropped 3.6 percent, the biggest drop on the Nikkei 225. Oil explorer Inpex Corp. declined 1.5 percent while Japan Drilling Co. fell 1.7 percent.

Oil traded near the lowest price in six years amid speculation the global glut that drove prices into a bear market will be prolonged. West Texas Intermediate for September delivery lost 0.4 percent to $41.69 a barrel on the New York Mercantile Exchange.

Don Quijote slumped 1.7 percent after forecasting net income of 23.3 billion yen for the year, missing analyst estimates for 27 billion yen in profit.