Japan Stocks fall on profit booking

Japan share market finished volatile session down on Tuesday, 31 May 2022, snapping two days winning streak, as investors opted to secure recent profit after the Nikkei index surging to a one-month high the previous day.

Also, lack of cues from Wall Street overnight due to for Memorial Day holiday as well as European Union leaders fresh sanctions against Russia for its invasion of Ukraine also weighed down risk sentiments. Further, weighing the market sentiment was concerns about global growth slowdown after China's official data showing factory activity contracted again in May.

At closing bell, the 225-issue Nikkei Stock Average fell 89.63 points, or 0.33%, to 27,279.80. The broader Topix index of all First Section issues on the Tokyo Stock Exchange declined 9.77 points, or 0.51%, to 1,912.67.

Total 27 of 33 TOPIX sectors ended the session red, with Marine Transportation (down 2.6%), Real Estate (down 2.4%), Air Transportation (down 2.1%), Electric Power & Gas (down 1.5%), and Banks (down 1.1%) issues suffered the largest percentage losses.

Shares of marine transportation issues tumbled following recent gains. Nippon Yusen sank 2.1% and Mitsui O.S.K. Lines dropped 3.4%.

Shares of energy-related issues jumped after crude oil futures climbed following the European Union agreeing Monday to ban 90% of Russian oil imports. Oil explorer Inpex jumped 6.2% and Japan Petroleum Exploration surged 8%.

Among individual shares, Subaru advanced 4.5%, after the automaker said that its worldwide output grew 63.3% in April from a year earlier, the first rise in three months.

CURRENCY NEWS: The Japanese yen traded at 127.96 per dollar following yesterday's weakening from levels below 127.2 against the greenback.

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