Tokyo Stock Exchange – Japan Stocks
The Japanese Nikkei stock index ended a four-session rally on Thursday, with investors selling stocks after sharp gains in the previous session, while the rise of the yen against the dollar also affected market sentiment.
At the close, the Nikkei index fell 0.42 percent to 33,539.62 points after jumping more than one percent in the previous session. The broader Topix index lost 0.14 percent to 2,362.02 points.
“The Nikkei index fell as investors sold stocks after its sharp gains in the previous session,” said John Morita, general manager of the research department at Chepagin Asset Management.
He continued, “Investors also did not find reasons to buy stocks amid the rise of the yen against the dollar.”
The yen rose against the dollar, approaching the highest level in five months at 140.95, which it touched earlier this month, as the US currency suffered sharp losses against major currencies.
A stronger yen hurts exporters’ stocks because it reduces the value of overseas profits in Japanese currency when companies repatriate them to Japan.
Fast Retailing, the operator of Uniqlo clothing stores, lost 0.73 percent. Shares of Advantest, a manufacturer of chip testing equipment, and chip-making equipment maker Tokyo Electron, fell by 2.22 percent and 0.6 percent, respectively.
Toyota Motor shares fell by 1.05 percent, and shipping companies fell by 3.44 percent and were the worst performers among the 33 sub-indices on the Tokyo Stock Exchange.
2023-12-28 07:21:10
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