Japan: Market falls on profit booking

Japan stock market finished session slightly in negative territory on Wednesday, 28 February 2024, snapping three days winning streak, as investors opted to book profit after the Nikkei indexs recent all-time highs and caution ahead of the U.S. inflation-related data. Market declines were led by shares in miscellaneous product, marine transportation and rubber product issues.

The 225-issue Nikkei Stock Average index declined 31.49 points, or 0.08%, to finish at 39,208.03. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 3.51 points, 0.13%, to 2,674.95

ECONOMIC NEWS: Japan's Coincident Economic Indicators Revised Downwards in December 2023-The index of coincident economic indicators in Japan was revised downward to 115.9 in December 2023 from a flash figure of 116.2. Despite this, the latest figure was higher than November's reading of 114.6, indicating a sustained economic recovery. Efforts to mitigate elevated inflation continue, with the government promoting a strategy to stimulate private investment in an integrated manner.

 

Japan's Leading Economic Indicators Rise in December 2023-Japan's index of leading economic indicators, used to gauge the economic outlook, rose to 110.2 in December 2023 from a preliminary estimate of 110. This increase follows a final figure of 108.1 in the previous month, the lowest in seven months. The uptick in the index, the highest since October 2022, reflects a decline in the unemployment rate and improved consumer confidence. Japan's unemployment rate fell to 2.4% in December 2023, the lowest in 11 months, from 2.5% in the previous two months. Additionally, consumer mood in January 2024 strengthened to the highest level since December 2021.

CURRENCY NEWS: Japanese yen was stood at 150.59 per US dollar on Wednesday, little changed from 150.49 in Tokyo on Tuesday.

Powered by Capital Market - Live News