Japan Market extends losses on US monetary tightening woes

Japan share market finished session lower on Thursday, 12 May 2022, marking its lowest level in nearly two months, on tracking overnight declines on Wall Street after higher-than-expected U.S. consumer price data for April fuelled wariness that the Federal Reserve may take aggressive measures to stem inflation.

At closing bell, the 225-issue Nikkei Stock Average fell 464.92 points, or 1.77%, to 25,748.72. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 21.97 points, or 1.19%, to 1,829.18.

SoftBank Group tumbled 8% to 4,491 yen. After the market closed, the investment giant reported a record annual net loss of $13 billion after a bruising year that saw its assets hit by a US tech rout and a regulatory crackdown in China.

 

Toyota fell 1.5% to 2,050 yen a day after announcing a record full-year net profit while issuing cautious forecasts.

CURRENCY NEWS: The dollar plunged below 129 yen in Tokyo trading Thursday as data suggested overnight that inflation in the United States may have peaked out. At 5 p.m., the dollar stood at 128.80-85 yen, down from 129.96-97 yen at the same time Wednesday.

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