Japan Market falls on profit booking

Japan share market finished session lower after swinging between positive and negative territory on Tuesday, 09 June 2020, snapping a six-day winning streak, as investors' secured gains after their recent sharp rises. The yen's rise against the dollar also chilled investor sentiment.

At closing bell, the 225-issue Nikkei Stock Average declined 87.07 points, or 0.38%, to 23,091.03. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 2.29 points, or 0.14%, at 1,628.43.

Some investors opted to take profits following signs the market may be overheating following the Nikkei adding around 6% over the last six days. The yen's appreciation against the U.S. dollar also weighed on the market and prompted investors to sell export-oriented issues.

 

Steelmakers and marine transporters, which gained notably in recent days, dropped sharply for profits. Nippon Steel shed 3.5% and JFE Holdings slid 4.1%. Mitsui O.S.K. Lines dropped 3.3% and Nippon Yusen fell 1.8%.

Chip-related stocks also came under pressure, following their U.S. peers lower overnight, with Tokyo Electron retreating 2.7%, while Advantest closed 3.9% lower.

CURRENCY: The dollar was quoted at 107.92-93 yen compared with 108.37-47 yen in New York and 109.48-50 yen on Monday in Tokyo.

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