February 3, 2023

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Japanese Market Modestly Lower

2 min read

The Japanese stock market is modestly lower on Thursday, giving up some of the gains in the previous session, with the Nikkei 225 falling below the 27,400 mark, following the broadly negative cues overnight from the global markets, as traders digested comments from JPMorgan CEO Jamie Dimon, warning of an economic “hurricane” amid soaring inflation and the prospects of aggressive monetary tightening by global central banks.

The benchmark Nikkei 225 Index is down 61.37 points or 0.22 percent at 27,396.52, after hitting a low of 27,251.24 earlier. Japanese stocks closed significantly higher on Wednesday.

Market heavyweight SoftBank Group is edging down 0.1 percent, while Uniqlo operator Fast Retailing is adding more than 2 percent. Among automakers, Honda is losing almost 1 percent and Toyota is edging down 0.4 percent.

In the tech space, Screen Holdings and Advantest are gaining almost 1 percent each, while Tokyo Electron is edging up 0.2 percent.

In the banking sector, Mizuho Financial and Mitsubishi UFJ Financial are losing almost 1 percent each, while Sumitomo Mitsui Financial is edging down 0.2 percent.

Among the major exporters, Sony is losing almost 3 percent, while Mitsubishi Electric and Canon are edging down 0.4 percent each. Panasonic is edging up 0.5 percent.

Among the other major losers, Astellas Pharma is losing almost 4 percent, while Trend Micro and Fujitsu are down more than 3 percent each. M3, CyberAgent and Unitika are declining almost 3 percent each.

Conversely, Taiyo Yuden is surging almost 6 percent and Konica Minolta is gaining almost 3 percent.

In the currency market, the U.S. dollar is trading in the 130 yen-range on Thursday.

On Wall Street, stocks fluctuated over the course of the trading session on Wednesday before ending the day mostly lower. With the decrease on the day, the major averages extended the pullback seen in the previous session.

The major averages climbed well off their worst levels in afternoon trading but still closed in negative…

2022-06-01 22:19:05

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