Market Commentary - Foreign Markets
Japan Nikkei extends losses on yen appreciation As on : 05-Jun-24  14:19

Japan share market finished lower for second straight session on Wednesday, 05 June 2024, as traders continued withdrawing recent gains amid yen appreciation against greenback, with export related stocks led retreat.

At closing bell, the 225-issue Nikkei Stock Average index retreated 347.29 points, or 0.89%, to 38,490.17. The broader Topix index of all First Section issues on the Tokyo Stock Exchange declined 39.26 points, 1.41%, to 2,748.22.

Shares of export-related issues tumbled due to yen appreciation against greenback. A stronger yen reduces the overseas profits of exporters when repatriated. Tokyo Electron slid 2.7% to 33,540 yen and Toyota dropped 2.4% to 3,218 yen.

Shares of advertising giant Hakuhodo tumbled 14.5% to 1,159 yen after a disappointing earnings result.

CURRENCY NEWS: Japanese yen appreciated to lower 155 level against greenback on Wednesday. The yen was last quoted at 155.11.12 per US dollar compared with 155.38 on Tuesday.

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