Japan Stocks falls on third straight session

Japan share market finished into negative terrain for third straight session on Monday, 08 March 2021, as investors grew concerned that the U.S. Senate's passage of a $1.9 trillion stimulus bill package will lead to higher bond yields by fueling expectations of an economic recovery and inflation.

At closing bell, the 225-issue Nikkei Stock Average fell 121.07 points, or 0.42%, to 28,743.25. The broader Topix index of all First Section issues on the Tokyo Stock Exchange decreased 2.60 points, or 0.14%, to 1,893.58.

Shares of clothing store operator Fast Retailing, chipmaking gear-maker Tokyo Electron and some other heavyweight Nikkei components came under heavy profit-taking pressure. Glasses retailer Jins fell 3.2% despite its bullish sales in February.

On the other hand, oil name Inpex rose for the fourth consecutive session, thanks to higher crude oil prices. Takeda climbed 3.9%, after the drugmaker applied for Japanese health ministry approval for U.S. partner Moderna Inc.'s novel coronavirus vaccine.

ECONOMIC NEWS: Japan Posts Current Account Surplus Of Y646.8 Billion In January- Japan posted a current account surplus of 646.8 billion yen in January, the Ministry of Finance said on Monday, down 2.3% on year, following the 1,165.6 billion yen surplus in December. The trade balance showed a deficit of 130.1 billion yen, down 86.9% on year after showing a surplus of 127.48 billion yen in the previous month. Exports were up 2.7% on year at 5,691.6 billion yen after adding 0.3% to 6,561.5 billion yen in December. Imports dropped an annual 10.9% to 5,821.7 billion yen after sinking 13.5% to 5,596.4 billion yen in the previous month.

CURRENCY NEWS: The U.S. dollar stayed firm around the mid-108 yen zone, after hitting a nine-month high of 108.64 yen in New York late last week on strong employment data. The dollar fetched 108.50-51 yen late afternoon today compared with 108.35-45 yen in New York and 108.26-27 yen in Tokyo on Friday.

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