Tokyo's Stock Index Declines as Stronger Yen Bites Exporters
(MENAFN) Tokyo's main stock index experienced its first decline in eight trading sessions on Wednesday, as a strengthening yen put pressure on shares of export-oriented companies and dragged down the broader market.
The Nikkei 225 index concluded the day at 36,779.66, a decrease of 51.03 points, or 0.14 percent, compared to the previous trading day.
This downturn followed a slump in U.S. equities during Japan's holiday on May 6th. Furthermore, the Japanese yen saw a notable appreciation against the U.S. dollar during Japan's extended holiday, briefly reaching the 142 yen level per dollar.
While some positive sentiment emerged due to speculation of easing trade tensions between the U.S. and China, this optimism proved to be short-lived for investors.
The Nikkei initially started with gains, climbing over 100 points at one point, but this upward movement quickly dissipated as investors engaged in profit-taking.
Conversely, the TOPIX index continued its upward trend for a ninth consecutive session, equaling its longest winning streak since March 2021. It finished the day with an increase of 8.38 points, or 0.31 percent, at 2,696.16.
On the Tokyo Stock Exchange's Prime Market, the number of advancing issues totaled 1,035, while 550 issues declined, and 50 remained unchanged.
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