Japan Nikkei falls on profit taking, ahead of a four-day holiday

Japan share market finished session lower on Wednesday, 22 July 2020, as investors locked in profits amid disappointed country's manufacturing activity data, yen appreciation against greenback, and ahead of a four-day holiday weekend.

At closing bell, the 225-issue Nikkei Stock Average dropped 132.61 points, or 0.58%, to 22,751.61. The broader Topix index of all First Section issues on the Tokyo Stock Exchange shed 9.78 points, or 0.62%, at 1,572.96.

Total 29 sub-indices of 33 industry category of Topix index fell into red territory, with Land Transportation, Pharmaceutical, Warehousing & Harbor Transportation Services, Precision Instruments, Fishery, Agriculture & Forestry, Iron & Steel, and Marine Transportation issues being notable losers, while Mining and Oil & Coal Products issues were notable gainers.

ECONOMIC NEWS: Japan Manufacturing PMI Contracts AT Slower Pace In July- Japan manufacturing sector continued to contract in July, with a manufacturing PMI score of 42.6, the latest survey from Jibun Bank revealed on Wednesday. That's up from 40.1 in June, although it remains well beneath the boom-or-bust line of 50 that separates expansion from contraction. Individually, production and new orders continued to fall at substantial rates, albeit slower than in June. The rate of decline in employment accelerated further and was marked overall. The data also showed that the services PMI ticked up to 45.2 from 45.0 last month, while the composite index improved to 43.9 from 40.8.

CURRENCY: The Japanese yen traded at 106.88 per dollar, strengthening after levels above 107 seen earlier.

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