Sign up
Log in
Japan's Nikkei dragged lower by stronger yen, energy stocks
Share
Listen to the news
Japan's Nikkei dragged lower by stronger yen, energy stocks

By Brigid Riley

- Japan's Nikkei share average fell for a seventh straight session on Wednesday, as a stronger yen dragged down exporters including automakers and as energy stocks tumbled after oil prices slid to three-year lows.

The Nikkei .N225 was down 0.8% to 35,867.33 by the midday break. The broader Topix .TOPX fell 0.9% to 2,552.8.

The yen continued its march higher to hit an eight-month peak against the dollar. A stronger yen tends to hurt exporter shares as it decreases the value of overseas profits in yen terms when firms repatriate them to Japan. FRX/

Shares of exporters slid, with the underperformance of automakers standing out. Toyota Motor 7203.T stumbled 1.9%, while Mitsubishi Motors Corp 7211.T declined 3.9% and was among the top percentage losers on the Nikkei.

Energy-related shares also saw some of the largest losses after oil prices hit their lowest in three years on Tuesday on demand concerns. Tokyo Gas 9531.T fell 6%, while Osaka Gas 9532.T lost 4.5%.

Analysts saw limited impact from the U.S. presidential debate between Democratic Vice President Kamala Harris and Republican presidential candidate Donald Trump that took place during Asian trading hours.

But a U.S. consumer price index report generated some caution ahead of its release later on Wednesday, said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.

"Focus on price-related economic indicators has somewhat decreased compared to before, but still, tonight's CPI is an important indicator."

Among individual stocks, Mitsui & Co 8031.T briefly rose more than 4% after the general trading company announced an increase in the amount of buybacks planned and extended the buyback period.

Nikkei heavyweights Fast Retailing 9983.T and Advantest 6857.T slid 1.6% and 1.2%, respectively, while Tokyo Electron 8035.T and SoftBank Group 9984.T were both up about 1%.


(Reporting by Brigid Riley; Editing by Subhranshu Sahu)

((brigid.riley@thomsonreuters.com;))

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.
What's Trending
No content on the Webull website shall be considered a recommendation or solicitation for the purchase or sale of securities, options or other investment products. All information and data on the website is for reference only and no historical data shall be considered as the basis for judging future trends.