Japan Nikkei closes .3% down

Japan share market finished session lower on Wednesday, 21 February 2024, on tracking weak cues from Wall Street overnight, with semiconductor-linked stocks leading losses.

Tuesday, 20 February 2024, as profit-taking triggered after key benchmark indices hit fresh 34-year highs. However, market losses capped. As some export-related issues were sought on a weaker yen against greenback.

At closing bell, the 225-issue Nikkei Stock Average index declined 101.45 points, or 0.26%, to 38,262.16. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 5 points, 0.2%, to 2,627.30.

Among individual shares, Nintendo shares declined 1.1%, extending yesterdays 5.8% drop, after reports said its next-generation console would be delayed.

 

On the economic news front: Japan posted a merchandise trade deficit of 1,758.3 billion yen in January, the Ministry of Finance said on Wednesday. Exports climbed 11.9 percent on year to 7.332 trillion yen , up from 9.8 percent in the previous month, driven by strong demand from chip-making machinery in China, and solid export gains of auto in the U.S. and EU. Imports stumbled an annual 9.6 percent to 9.090 trillion yen following the 6.8 percent contraction a month earlier.

CURRENCY NEWS: Japanese yen depreciated to lower 150 range against greenback on Wednesday. The yen depreciated to 150.07 against greenback, unchanged from in New York overnight.

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