Market Commentary - Foreign Markets
Japanese Markets End Lower As on : 27-Jun-24  17:19

Japanese markets drifted lower as investors remained on high alert for government intervention in the currency market.

Japanese finance minister Shunichi Suzuki reiterated today that authorities are watching the currency market closely and will take appropriate action as needed to help the exchange rate move in a stable manner.

The Nikkei average dipped 0.82 percent to 39,341.54 while the broader Topix index settled 0.33 percent lower at 2,793.70.

Technology stocks underperformed, with Tokyo Electron falling 2.4 percent and Screen Holdings losing 5.7 percent.

Investors ignored data that showed Japan's retail sales rose more than expected in May.

The total value of retail sales in Japan was up 3.0 percent on year in May, the Ministry of Economy, Trade and Industry said on Thursday - coming in at 13.504 trillion yen.

On a monthly basis, retail sales jumped a seasonally adjusted 1.7 percent after rising 0.8 percent in the previous month.

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