Japan Nikkei extends losses

Japan stock market finished session lower on Thursday, 17 June 2021, extending the losses of the previous session, on following the negative cues from Wall Street overnight after the US Federal Reserve raised its inflation expectations and moved up the time frame for interest rates by late 2023, sooner than previously projected.

However, yen depreciation to upper 110-level against greenback and Japanese government decision to end the COVID-19 state of emergency in most prefectures on Sunday after a steady decline in COVID-19 infections helped to limit market losses.

At closing bell, the 225-issue Nikkei Stock Average declined 272.68 points, or 0.93%, to 29,018.33. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 12.29 points, or 0.62%, to 1,963.57.

Trading volume turnover in the 1st section decreased to 997 million shares from 1,028 million shares in previous session. Trading value turnover decreased to 2,278.22 billion yen from 2,426.29 billion yen in previous session.

Total 24 sectors of 33 sectors sub-indexes on the Tokyo exchange ended down, with top losers were Services (down 1.3%), Precision Instruments (down 13%), Pharmaceutical (down 1.2%), Iron & Steel (down 1.1%), Information & Communication (down 1.1%), Machinery (down 1%), and Electric Power & Gas (down 1%) sectors, while top gainers were Mining (up 1.1%), Insurance (up 1%), and Banks (up 0.6%) sectors.

Shares of tech-related issues declined, with SoftBank Group dropping 1.4%, while Sony Group dropped 2.3%. M3 closed 3.6% lower.

Shares of financial issue gained, with Mizuho Financial Group adding 0.9%, while Mitsubishi UFJ Financial Group rose 1.2%. Sumitomo Mitsui Financial Group rose 0.8%.

Shares of insurers also gained traction, with Dai-ichi Life Holdings jumping 2.5%, while T&D Holdings leaped 3.1%.

CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 91.438 as compared with levels below 90.5 seen earlier this week. The Japanese yen traded at 110.67 per dollar following a sharp weakening recently from below 110 against the greenback.

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