Nikkei up but Topix down as investors digest yuan move
* Nikkei up 0.4 pct but broader Topix down 0.4 pct
* Large cap shares underperform on profit-taking
* Impact of yuan change may subside soon
By Hideyuki Sano
TOKYO, Aug 13 (Reuters) - Japan's Nikkei share average rose but the broader Topix index fell on Thursday as confused investors shed risk assets while trying to gauge how much the yuan will fall and how that would affect Japanese companies' bottom lines.
The Nikkei rose 0.4 percent to 20,478 thanks to gains in some of its heavyweights but the Topix fell 0.4 percent to 1,659.53 as investors booked profits in large cap shares, such as banks and telecom companies.
"Many people were surprised by China's moves, and they were selling shares to avoid uncertainties, not because of logical worries over the impact of a lower yuan," said Takashi Hiroki, chief strategist at Monex Securities.
"After all, a four percentage point move in an exchange rate would become a surprise only when you have a fixed rate. If a free-floating currency moves that much, the reaction would have been different."
China guided the yuan lower for a third day on Thursday, and it started the day 0.2 percent below Wednesday's local close. Continuación...