Japan Stocks fall on weak offshore lead, strong yen

Headline shares of the Japan share market were mostly lower on Wednesday, 04 July 2018, as the market mood was dented following Wall Street's overnight retreat and as investors continued to assess the impact of trade tensions on the outlook for global growth. Meanwhile, gains in the yen also weighed on Japanese shares. Among TSE33 issues, 18 issues gained, while 15 issues declined. Shares of Mining, Oil & Coal Products, Electric Power & Gas, Warehousing & Harbor Transportation Services, Construction, and Information & Communication issues were notable gainers, while Electric Appliances, Machinery, Precision Instruments, and Securities & Commodities Futures issues being notable losers. Around late afternoon, the benchmark Nikkei 225 index dropped 0.5%, or 110.91 points, to 21,674.63. The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 0.1%, or 2.21 points, to 1,690.59.

CURRENCY NEWS: The Japanese yen has ticked higher against greenback on Wednesday amid trade tensions. Trade tensions remain at high levels, and although Japan has not been on the receiving end of U.S tariffs, a global trade war could be devastating for the Japanese economy, which is heavily dependent on its export sector. Investors are awaiting the release of the Federal Reserve's June meeting minutes on Thursday and Friday's US jobs data for validation of policymakers' forecasts for two more rate hikes this year.

 

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