Japan Nikkei falls on ex-dividend selling

Japan share market declined on Wednesday, 27 March 2019, as investors sold shares of companies after securing the rights to fiscal 2018 second-half dividend payouts a day earlier. In Japan's Topix index more than two-thirds of companies trading without the right to current dividends. Risk sentiments were also subdued on concerns over the outlook for the global economy after release of weak economic data from the U.S. and around the world as well as a downgraded U.S. economic outlook from the Federal Reserve. Around late afternoon, the 225-issue Nikkei Stock Average fell 104.04 points, or 0.5%, at 21,324.35. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 13.77 points, or 0.85%, at 1,604.17.

Total 29 subsectors out of 33 subsectors of the Tokyo Stock Exchange declined, with shares Electric Power & Gas, Oil & Coal Products, Other Financial Business, Wholesale Trade, Banks, Air Transportation, and Transportation Equipment issues being notable losers.

CURRENCY NEWS: The U.S. dollar changed hands in the mid-110 yen zone in early deals in Tokyo on Wednesday, largely in line with its levels in New York overnight. The Japanese yen, widely viewed as a safe-haven currency, traded at 110.50 against the dollar compared with 110.58-68 in New York and 110.19-20 on Tuesday in Tokyo.

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