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Tokyo Stocks Close Lower on Yen's Appreciation, Concerns for Scandal-hit Gov't-July 21
 

Tokyo stocks closed lower Friday as while robust earnings saw the appliance sector rally, the market mood was predominantly dictated by the yen's rise against the U.S. dollar.

The 225-issue Nikkei Stock Average lost 44.84 points, or 0.22 percent, from Thursday to finish the day at 20,099.75.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, shed 3.02 points, or 0.18 percent, to close at 1,629.99.

Mining, iron and steel, and rubber product-oriented stocks comprised those that declined the most by the close of play, and falling issues outpaced rising ones by 964 to 924 on the First Section.

Local traders said that trading moved in a narrow range with the yen's strength weighing on the market throughout the day.

Other analysts noted that the U.S. dollar lost ground against other major currencies including the yen following the European Central Bank indicating it will rein in its hefty bond buying program at a relatively near juncture.

Market players here also said current scandals involving Prime Minister Shinzo Abe and other senior ministers leading to a historic fall in public support rate also weighed on the market, as some investors feel insecure about the future course of the Abe-led administration.

On the main section on Friday, 1,534.02 million shares changed hands, dropping from Thursday's volume of 1,650.97 million shares, and the day's turnover totaled 1,996.7 billion yen (17.86 billion U.S. dollars).


(www.chinaview.cn 2017-07-24)
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