Japan Market falls on ex-dividend selloff

Japan share market finished session lower on Wednesday, 30 March 2022, weighed down by selling typical of the ex-dividend day and position-squaring selling.

However, market losses capped amid optimism around a peaceful resolution of the Ukraine war after Russia on Tuesday promised to scale down military operations around Ukraine's capital Kyiv, while Ukraine proposed adopting a neutral status in face-to-face negotiations.

At closing bell, the 225-issue Nikkei Stock Average declined 225.17 points, or 0.8%, to 28,027.25. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 24.06 points, or 1.21%, to 1,967.60.

Shippers declined on fears of easing demand, with Nippon Yusen losing as much as 8.6%.

 

Nintendo shares plunged 5.8% after the video game maker delayed the launch of a much-awaited game.

ECONOMIC NEWS: Japan Retail Sales Down 0.8% On Year In February-Japan total value of retail sales was down 0.8% on year in February, the Ministry of Economy, Trade and Industry said on Wednesday, coming in at 11.537 trillion yen, following the downwardly revised 1.1% increase in January (originally 1.6%). On a monthly basis, retail sales were again down 0.8% after slipping 0.9% in the previous month.

CURRENCY NEWS: The dollar sank below 122 yen in Tokyo trading Wednesday, hit by speculative and position-squaring selling. At 5 p.m., the dollar stood at 121.87-88 yen, down from 123.57-61 yen at the same time Tuesday. The euro was at 135.61-66 yen, down from 135.92-99 yen.

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