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Japan Market falls on profit booking

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Japan share market finished session lower on Friday, 30 April 2021, as investors locked in profits amid some firms' worse-than-expected earnings reports and position adjustments ahead of market holiday period through Wednesday.

At closing bell, the 225-issue Nikkei Stock Average declined 241.34 points, or 0.83%, to 28,812.63. The broader Topix index of all First Section issues on the Tokyo Stock Exchange decreased 10.82 points, or 0.57%, to 1,898.24. The Tokyo market was closed on Thursday for a Showa day national holiday. The Japanese market will also be closed from Monday to Wednesday next week.

The Tokyo market was mostly swayed by corporate earnings releases, which led to the day's mixed performances of the listed stocks. Selling pressure became stronger in the afternoon as market players took to position-squaring ahead of the resumption of the Golden Week holidays, with many fearing that novel coronavirus cases in Japan may rise during the period.

Z Holdings shares plunged 7.2% after the internet company's profit forecasts for the current fiscal year disappointed. Similarly, Sony plummeted 7.7% after it forecast profit to fall. Murata Manufacturing tumbled 3.6% after its forecasts came in below estimates.

ECONOMIC NEWS: Japan Industrial Production Rebounds 2.2% On Month In March- Japan industrial output rose a seasonally adjusted 2.2% on month in March, the Ministry of Economy, Trade and Industry said on Friday, following the 1.3% decline in February.

On a yearly basis, industrial production advanced 4.0% following the 2.0% contraction in the previous month. Upon the release of the data, the METI upgraded its assessment of industrial production, saying that it is picking up.

Japan Jobless Rate Eases To 2.6% In March- Japan unemployment rate came in at a seasonally adjusted 2.6% in March, the Ministry of Communications and Internal Affairs said on Friday, following 2.9% on February. The job-to-applicant ratio was 1.10. The participation rate was steady at 61.9%.

Japan Housing Starts Rise 1.5% On Year In March- Japan's housing starts increased 1.5% year-on-year in March, after a 3.7% fall in February, data from the Ministry of Land, Infrastructure, Transport and Tourism revealed. Annualized housing starts decreased to 880,000 in March from 808,000 in the previous month.

CURRENCY NEWS: The dollar weakened below 109 yen in Tokyo trading Friday, in the wake of falls in stock prices in and outside Japan. At 5 p.m., the dollar stood at 108.88-92 yen, down from 109.01-02 yen at the same time Wednesday. The euro was at 1.2102-2102 dollars, up from 1.2073-73 dollars, and at 131.78-78 yen, up from 131.63-63 yen.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, April 30 2021. 18:34 IST
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