Japan Nikkei tumbles 1.63%

Japan stock market finished steep lower on Wednesday, 08 May 2024, as investors locked in recent gains on following the mixed cues from Wall Street overnight, with shares in technology, machinery, realty, aviation, insurance, electric appliance, wholesale trade, and glass & ceramics companies being notable losers.

The 225-issue Nikkei Stock Average index stumbled 632.73 points, or 1.63%, to finish at 38,202.37. The broader Topix index of all First Section issues on the Tokyo Stock Exchange tanked 39.79 points, 1.45%, to 2,706.43.

Total 31 of 33 TSE sectors closed lower. Marine Transportation sector was best performer in percentage term, up 2%, while Glass & Ceramics Products was bottom performer in percentage term, falling 3.2%.

Among individual stocks, Toyota Motor declined 0.56% to 3,579 yen after the automaker forecast a 20% profit decline in the current financial year on Wednesday, citing looming investment in both its suppliers and strategy. Toyota Motor on Wednesday posted a roughly 78 per cent rise in fourth-quarter operating profit at 1.11 trillion yen boosted by a weak yen and solid sales. For the full year, it totalled 5.35 trillion yen.

CURRENCY NEWS: The Japanese yen depreciated against greenback on Wednesday, on expectations that the interest rate differential between Japan and the United States will remain wide, although caution remained over a potential intervention by Japanese authorities to arrest the yen's slide. The yen was changing hands at 155.15 per dollar in late trade on Wednesday, compared with 154.65 yen overnight in New York and 154.11 on Tuesday.

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