The Japanese market ends lower on profit taking

The Japanese stock market ended its session lower on Thursday, June 2, 2022, weighed down by profit-taking stemming from a continued pullback on Wall Street overnight following renewed concern over the Reserve’s aggressive monetary tightening plans. federal government in response to high inflation.

However, market losses were limited as the depreciation of the yen to levels below 130 against the dollar prompted purchases of export-oriented stocks, as the weak yen boosted their overseas earnings when they are repatriated.

At the closing bell, the 225-number Nikkei Stock Average was down 44.01 points, or 0.16%, at 27,413.88. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 12.25 points, or 0.63%, to 1,926.39.

In total, 26 of the 33 TOPIX sectors ended the session lower, mining issues (down 2.1%), pharmaceuticals (down 2.1%), precision instruments (down 1.7% ) and Services (down 1.7%) suffered the largest percentage losses, while Petroleum & Coal Products (up 0.8%), Insurance (up 0.6%) and rubber products issues (up 0.5%) recorded the largest percentage gains.

The US market fell overnight after a stronger than expected US.

S.’s manufacturing data for May fueled expectations that the Fed would raise interest rates further to help rein in an overheated economy. Higher borrowing costs could affect corporate earnings.

Exporter stocks rose on the back of a weaker yen. Mazda Motor rose 0.3% and Subaru 0.6%. Casual wear operator Uniqlo Fast Retailing rose 2.5% and chip-making equipment maker Tokyo Electron rose 0.36%

CURRENCY NEWS: The dollar stood at 130.04 yen, against 130.15 yen in New York and 129.25 yen in Tokyo on Wednesday.

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