Japan Nikkei falls on BoJ policy tweak woes

Japan stock market finished session lower on Wednesday, 13 March 2024, as profit taking triggered on speculation that Japan's central bank is getting ready to end its super-easy monetary policy, which has set interest rates below zero, and start raising rates.

Investors are also paying close attention to the Bank of Japans policy meeting next week, with growing speculation it could end its negative interest rate policy.

The 225-issue Nikkei Stock Average index declined 101.54 points, or 0.26%, to finish at 38,695.97. The broader Topix index of all First Section issues on the Tokyo Stock Exchange sank 8.73 points, 0.33%, to 2,648.51.

 

Total 23 of 33 industry sectors of the Tokyo Stock Exchange's declined, with Marine Transportation, Pulp & Paper, Mining, Pharmaceutical, and Machinery issues being notable losers, while Electric Power & Gas, Nonferrous Metals, and Insurance issues were notable gainers.

Shares of Canon Electronics tumbled 7.4% to 2,362 yen after a Tokyo start-up's rocket launch exploded seconds after blast-off.

Among major blue-chip shares, SoftBank Group sank 0.2% to 8,552 yen, Toyota trimmed 0.9% to 3,444 yen and Uniqlo operator Fast Retailing slid 0.7% to 43,180 yen.

CURRENCY NEWS: Japanese yen fetched 147.48 per US dollar compared with 147.7 per US dollar in Tokyo on Tuesday.

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