Japan Nikkei extends losses

Headline indices of the Japan share market closed down on Wednesday, 06 March 2019, as investors continued withdrawing profits on following the negative lead from Wall Street overnight and on a stronger yen amid concerns over the outlook for the global economy. Investors were also cautious as they look for fresh developments about a possible U.S.-China trade deal. Total 25 subsectors out of 33 subsectors of the Tokyo Stock Exchange declined, with shares in Mining, Retail Trade, Pharmaceutical, Oil & Coal Products, Rubber Products, and Glass & Ceramics Products issues being notable losers. At closing bell, the 225-issue Nikkei Stock Average fell 129.47 points, or 0.6%, at 21,596.81. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 3.98 points, or 0.25%, at 1,615.25.

Investors are looking for firm details about a possible U.S.-China trade deal that's helped drive a surge in global equities over the past two months. On trade developments, US Secretary of State Mike Pompeo said on Monday he thought the United States and China were "on the cusp" of a deal to end their trade war. Pompeo added on Tuesday that "Things are in a good place, but it's got to be right."

 

CURRENCY NEWS: The Japanese yen depreciated against the dollar in the upper 111 yen zone on Wednesday. The dollar was steady at 111.83 yen after going as high as 112.135 overnight, its strongest since Dec. 20.

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