Japanese market extends losses to third day

The Japanese stock market ended the session lower on Friday, April 1, 2022, extending the losses of the previous two days, as the risk aversion selloff continued to follow Wall Street’s negative overnight advance and the concerns about the continuing conflict in Ukraine.

Further hampering sentiment, the country’s business confidence deteriorated for the first time in nearly two years in the first quarter as companies were hit by supply disruptions and soaring raw material costs caused by the Ukrainian crisis.

At the close, the 225-number Nikkei Stock Average fell 155.45 points, or 0.56%, to 27,665.98. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 2.13 points, or 0.11%, to 1,944.27.

Chip-related stocks led the Nikkei index lower on Friday, with Tokyo Electron losing 2.48% and Advantest falling 1.76%. Uniqlo clothing store operator Fast Retailing fell 1.14%.

Market heavyweight SoftBank Group lost nearly 1% and operator Uniqlo Fast Retailing fell nearly 2%. Among automakers, Honda fell almost 2% and Toyota almost 1%.

Contrary to trend, Toshiba jumped 6.5% after private equity firm Bain Capital polled several Toshiba shareholders about a potential bid for the Japanese conglomerate.

ECONOMIC NEWS: The Bank of Japan’s quarterly Tankan Business Sentiment Survey showed the Diffusion Index hit a score of +14 in the first quarter of 2022, from +18 three months ago.

The outlook came out at +9, compared to +13 in the previous quarter. Large industrial investments increased by 2.2%, against 9.3% during the previous three months. The index for large non-manufacturers came out at +9, unchanged from the previous month. The outlook was +7, which would have been unchanged.

CURRENCY NEWS: The Japanese yen was trading at 122.73 to the dollar, stronger than levels above 122 seen against the greenback yesterday.

Powered by Capital Market – Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor