You are here: Home » News-CM » International » Market Report
Business Standard

Japan Stocks fall on profit taking

Capital Market 

Japan share market finished session lower Tuesday, 06 April 2021, as investors opted to secure profits after a three-day winning streak, after data showed household spending plunged 6.6% year-on-year in February, marking the third consecutive monthly drop. Meanwhile, yen appreciation against greenback and rising COVID-19 cases in and outside of Japan also triggered selloff.

At closing bell, the 225-issue Nikkei Stock Average declined 392.62 points, or 1.3%, to 29,696.63. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 29.20 points, or 1.47%, to 1,954.34.

Total 32 sub-indexes of the 33 sector sub-indexes on the Tokyo exchange traded lower, with Mining, Pharmaceutical, Banks, Air Transportation, Precision Instruments, Oil & Coal Products, and Transportation Equipment issues being notable losers.

Market players moved to take profits, as the benchmark Nikkei stock index's run of three-day closing highs, with the market gaining 3% through Monday.

Investors were also concerned about the increasing number of COVID-19 cases in and outside Japan.

Japan's health minister Norihisa Tamura said on Tuesday that the COVID-19 infection rate is consistently rising in Tokyo and urged increased vigilance by all in the capital. Osaka Prefecture in western Japan meanwhile recorded a single-day record of 719 new daily infections on Tuesday, despite new stricter anti-virus measures coming into effect for the region and two other prefectures in Japan.

ECONOMIC NEWS: Japan household spending down 6.6% on year in Feb- Japan's household spending fell a real 6.6% in February from a year earlier for the third straight month of decrease, the Ministry of Internal Affairs and Communications said on Tuesday. Spending by households with two or more people was 252,451 yen ($2,300. Household spending is a key indicator of private consumption, which accounts for more than half of Japan's gross domestic product.

CURRENCY NEWS: The Japanese yen traded at 110.38 per dollar, weaker than levels around 109.5 against the greenback seen last week.

Powered by Capital Market - Live News

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

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, April 06 2021. 18:14 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU