Tokyo’s Nikkei closes down for fifth straight session

Tokyo:Tokyo’s benchmark Nikkei index fell marginally for a fifth consecutive session on Tuesday as a better yen and concern in regards to the world financial system weighed in the marketplace.The Nikkei 225 index edged down 0.01 p.c, or 2.34 factors, to shut at 20,408.54, however the broader Topix index inched up 0.01 p.c, or 0.13 factors, at 1,499.09.Tokyo shares opened greater on discount looking, however the early positive factors have been eroded by midday because the yen climbed given its safe-haven standing, which often depresses fairness buying and selling.“The yen’s present degree continues to be acceptable however an extra achieve within the yen would actually harm investor sentiment,” stated Toshikazu Horiuchi, a dealer at IwaiCosmo Securities Co. Ltd.“Right this moment’s decline underscored the current weak point of the market,” Horiuchi advised AFP.The greenback modified arms at 107.96 yen in Asian afternoon commerce, towards 108.07 yen in New York on Monday.Newly launched indicators — together with the US ISM manufacturing index — weren’t very robust, prompting merchants to flee to the safe-haven foreign money, analysts stated.The market’s “assumption that the slowing world financial system would get well later this 12 months, bolstered by the (robust) US financial system, has been shaken by the unfold of commerce frictions to different international locations reminiscent of Mexico,” Okasan On-line Securities stated in a commentary.In Tokyo, Nintendo fell 2.25 p.c to 37,650 yen with Sony down 1.62 p.c at 5,084 yen.Market heavyweight SoftBank Group dropped 3.26 p.c to 9,298 yen.Banks lacked clear route, with Sumitomo Mitsui Monetary buying and selling down 0.02 p.c at 3,739 yen whereas Mitsubishi UFJ was up 0.32 p.c at 498.6 yen.

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