Japan Nikkei extends losses

Japan stocks were mostly moved down for fourth straight session on Thursday, 30 September 2021, with the benchmark Nikkei 225 and broader Topix indexes settling lower, on following the mixed cues overnight from Wall Street. However, market losses were limited as some investors looked for bargains following the market's plunge in recent sessions, former Foreign Minister Fumio Kishida's victory in the ruling party election the previous day, as well as a weakening yen against the U.S. dollar.

Fumio Kishida won the ruling Liberal Democratic Party leadership vote on Wednesday, setting him on course to become the next prime minister. Kono's victory was seen positive for renewable energy firms and digitisation-related stocks and negative for electric power companies.

At closing bell, the 225-issue Nikkei Stock Average fell 91.63 points, or 0.31%, to 29,452.66. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 8.13 points, or 0.4%, to 2,030.16.

Trading volume turnover on the main section stood at 1.55 billion shares worth 4.39 trillion yen, as compared yesterday's volume turnover of 1.60 billion shares worth 3.86 trillion yen.

Total 22 of 33 industry groups ended lower along with the Topix, with bottom performing issues were Marine Transportation (down 10%), Transportation Equipment (down 2.6%), Electric Power & Gas (down 2.1%), Rubber Products (down 2%), Nonferrous Metals (down 1.7%), Iron & Steel (down 1.6%), and Banks (down 1.5%), while best performing issues were Land Transportation (up 1.9%), Pharmaceutical (up 0.8%), and Retail Trade (up 0.7%).

ECONOMIC NEWS: Japan Industrial Production Down 3.2% On Month In August-Japan industrial production was down a seasonally adjusted 3.2% on month in August, the Ministry of Economy, Trade and Industry said on Thursday, following the 1.5% contraction in July. On a yearly basis, industrial production advanced 9.3% after rising 11.6% in the previous month. Upon the release of the data, the METI's assessment of industrial production was that it is pausing.

Japan Retail Sales Decline In August- Japan retail sales was down a seasonally adjusted 4.1% on month in August, the Ministry of Economy, Trade and Industry said on Thursday, following the 1.0% gain in July. On a yearly basis, retail sales dropped 3.2% after rising 2.4% in the previous month.

CURRENCY NEWS: The U.S. dollar was firm in the lower 112 yen line on thursday. The Japanese yen traded at 112.02 per dollar, having weakened from below 111.6 against the greenback yesterday.

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