Japan Market falls 3.1%

Japan share market plummeted on Tuesday, 11 May 2021, snapping a three-session winning streak, as investors opted to book profit on tracking negative lead from Wall Street overnight and concerns over growing number of severe coronavirus infections in Japan.

At closing bell, the 225-issue Nikkei Stock Average declined 909.75 points, or 3.08%, to 28,608.59. The broader Topix index of all First Section issues on the Tokyo Stock Exchange decreased 46.35 points, or 2.37%, to 1,905.92.

Total 32 sub-indexes of the 33 sector sub-indexes on the Tokyo exchange traded lower, with Machinery, Precision Instruments, Information & Communication, Glass & Ceramics Products, Electric Appliances, Metal Products, and Services issues being notable losers.

Shares of seasoning producer Ajinomoto grew 3.8%, aided by its upbeat earnings results for the year ended in March released Monday.

Nissin Foods rose 3.2% after the company announced Tuesday a plan to acquire its own shares worth 12 billion yen.

ECONOMIC NEWS: Japan Household Spending Rebounds 6.2% On Year In March- Japan's average of household spending was up 6.2% on year in March, the Ministry of Communications and Internal Affairs said on Tuesday, coming in at 309,800 yen, following the 6.6% drop in February. The average of monthly income per household stood at 484,914 yen, down 1.0% on year. On a monthly basis, household spending climbed 7.2% - again exceeding expectations for a gain of 2.1% after rising 2.4% in the previous month.

CURRENCY NEWS: The U.S. dollar index strengthened 0.14% to 90.336 against a basket of its peers in Asia trade.The Japanese yen changed hands at 108.89 per dollar.

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