Japan Nikkei falls 0.2%

Headline indices of the Japan share market closed down on Thursday, 15 November 2018, tracking losses on Wall Street overnight, with a strong yen dragging down exporter-oriented issues and banking stocks sliding after disappointing earnings forecasts and losses in US financial shares. At closing bell, the 225-issue Nikkei index dropped 42.86 points, or 0.2%, at 21,803.62. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 2.29 points, or 0.14%, to 1,638.97.

Shares of banking sector were the worst sectoral performer, after disappointing earnings forecasts and losses in U.S. financial shares. Sumitomo Mitsui Financial Group dropped 3%, after the lender posted a 37% rise in its second-quarter net profit, but it kept its profit forecast at 700 billion yen for the year ending March 2019, a softer than market expectation of around 752 billion yen. Mizuho Financial Group shed 1.8% after the lender reported flat growth in net profit in the quarter ended September 2018, and kept its profit forecast at 570 billion yen, down 1.1% from the year prior.

Bucking the weakness, Amada Holdings jumped 10% after the metal press products maker raised its operating profit forecast for the year through March to 43 billion yen from 40.5 billion yen. It also said it would buy back up to 10 billion of its own shares, or 2.73% of shares outstanding.

CURRENCY NEWS: Japanese yen was little changed in the upper 113 yen zone against greenback on Thursday. The dollar was quoted at 113.57-58 yen compared with 113.57-67 yen in New York and 113.89-90 yen on Wednesday in Tokyo. The euro, meanwhile, fetched 128.48-52 yen against 128.43-53 yen in New York and 128.61-65 yen in late Wednesday trade in Tokyo.

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