Japan Stocks close marginally lower

Japan share market finished session marginal lower on Wednesday, 26 August 2020, snapping a three-day winning streak, as some investors seeking to lock in profits on following the mixed cues overnight from Wall Street and on caution ahead to Federal Reserve Chair Jerome Powell's speech to the Jackson Hole symposium on Thursday in which he is expected to outline the central bank's next steps.

At closing bell, the 225-issue Nikkei Stock Average declined 5.91 points, or 0.03%, to 23,290.86. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 0.75 point, or 0.03%, to 1,624.48.

 

Total 20 issues of the 33 industry category of Topix index ended into red territory, with Textiles & Apparels, Real Estate, Foods, Nonferrous Metals, Electric Power & Gas, and Pharmaceutical issues being notable losers, while Marine Transportation, Mining, Warehousing & Harbor Transportation Services, and Information & Communication issues were notable gainers.

ECONOMIC NEWS: Japan Services Producer Price Inflation Climbs In July- Japan's services producer price inflation accelerated in July, data from the Bank of Japan showed Wednesday. The corporate services producer price index advanced 1.2% on a yearly basis in July, faster than the 0.9% increase seen in June. This was the highest rate in four months. On a monthly basis, the services PPI inflation rose to 0.4% from 0.3% in June. Excluding international transportation, services producer price inflation climbed to 1.3% from 1% a month ago. Month-on-month, the index gained 0.4% in July.

CURRENCY: The Japanese yen traded at 106.43 per dollar after seeing an earlier high of 106.32 against the greenback.

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