Japan Nikkei falls 1.23%

Japan share market finished session in negative territory on Thursday, 07 March 2024, weighed down by semiconductor-linked shares and export-driven stocks due to yen appreciation to upper 148 level against greenback

At closing bell, the 225-issue Nikkei Stock Average index was down 492.07 points, or 1.23%, to 39,598.71. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 12.13 points, 0.44%, to 2,718.54.

Total 19 of 33 TSE sectors declined, with Transportation Equipment, Rubber Products, Electric Appliances, Iron & Steel, and Machinery issues being notable losers, while Electric Power & Gas, Insurance, Banks, and Information & Communication issues were notable gainers.

 

Shares of semiconductor and exporters declined due to yen appreciation to upper 148 level against greenback. Chip-testing equipment maker Advantest plummeted 4.5% to 6,974 yen and Tokyo Electron plunged 3.9% to 38,060 yen. Toyota lost 2.9% to 3,660 yen and Sony Group slid 0.15% to 12,935 yen.

CURRENCY NEWS: Japanese yen appreciated to upper 148 range against greenback on Thursday after remarks from Junko Nakagawa, a member of the policy board at the Bank of Japan, reportedly said "steadfast progress is being made" on the bank's goal of achieving sustained two-percent inflation. The yen was last quoted at 148.60 against greenback, hardened from 149.44 on Wednesday.

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