Japan Market ends softer

Japan share market finished session lower on Thursday, 02 March 2023, amid lingering concern about prolonged interest rate hikes by the U.S. Federal Reserve, with shares in electric power and gas, securities & commodities futures, banks, electric appliance, and precision instrument sectors being notable losers.

The 225-issue Nikkei Stock Average index was down 17.66 points, or 0.06%, to finish at 27,498.87. The broader Topix index of all First Section issues on the Tokyo Stock Exchange decreased by 3.24 points, or 0.16%, to 1,994.57.

Total 17 of 33 TSE sectors ended lower, with Electric Power & Gas, Securities & Commodities Futures, Banks, Machinery, Precision Instruments, and Other Financial Business issues being notable losers, while Iron & Steel, Nonferrous Metals, and Marine Transportation issues were notable gainers.

Tech shares declined as a rise in long-term U.S. interest rates stirred concern that higher borrowing costs would limit the growth of U.S. technology firms. Among tech shares, Sony Group fell 0.5% to 11,380 yen, while chip-manufacturing equipment maker Tokyo Electron dropped 1.6% to 46,830 yen.

ECONOMIC NEWS: The monetary base in Japan was down 1.6% on year in February, the Bank of Japan said on Thursday, coming in at 646.440 trillion yen. Banknotes in circulation rose 2.6% on year, while coins in circulation slumped 3.8%. Current account balances fell an annual 2.5%, including a 3.6% drop in reserve balances. The adjusted monetary base was up 31.1% on year to 657.838 trillion yen, slowing from 43.8% in January.

CURRENCY NEWS: The dollar strengthened to around upper 136 yen level in late Tokyo trading on Thursday, aided by rises in U.S. long-term interest rates. At 5 p.m., the dollar stood at 136.77-78 yen, up from 135.93-93 yen at the same time Wednesday.

Powered by Capital Market - Live News