Japan Market falls on profit booking

Japanese share market finished session lower on Monday, 14 November 2022, as market participants booked profits following the strong gains late last week, with shares in information and communication, nonferrous metal, and pulp and paper issues leading losses

At closing bell, the 225-issue Nikkei Stock Average index fell 300.10 points, or 1.06%, to 27,963.47. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 20.86 points, or 1.05%, to 1,956.90.

Total 31 of 33 TSE sectors closed down, with Warehousing & Harbor Transportation Services (down 3.3%), Information & Communication (down 2.9%), Pulp & Paper (down 2.6%), Nonferrous Metals (down 2.5%), Air Transportation (down 2.5%), and Oil & Coal Products (down 2.3%) sectors being notable losers.

 

The Nikkei advanced nearly 3% on Friday, driven by hopes for less aggressive Federal Reserve rate hikes due to slowing US inflation that pushed up markets worldwide.

Shares of tech giant SoftBank Group plunged after Vision Fund, the company's tech investment vehicle, reported a loss of 1.38 trillion yen for the quarter ending on Sept. 30.

CURRENCY NEWS: The dollar fetched 139.35 yen, against 138.7 yen in New York late Friday -- a retreat from the multi-decade highs of beyond 151 yen hit by the dollar last month.

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