Market Commentary - Foreign Markets
Japan Markets Tumble, Nikkei Down 2.45% As on : 12-Jul-24  16:13

Japanese markets tumbled as the yen held gains on speculation that authorities may have again intervened in forex markets to prop up the ailing currency.

The Nikkei average slumped 2.45 percent to 41,190.68 while the broader Topix index settled 1.18 percent lower at 2,894.56.

Chip-making equipment giant Tokyo Electron plummeted 6.2 percent and smaller peer Disco lost 8.8 percent after the Philadelphia SE Semiconductor Index fell more than 3 percent overnight.

Japan's industrial production expanded more than initially estimated in May after falling in the previous month, final data from the Ministry of Economy, Trade, and Industry showed on Friday.

Industrial production advanced 3.6 percent on a monthly basis, reversing a 0.9 percent decrease in April. In the initial estimate, the rate of growth was 2.8 percent.

Year-on-year, industrial production recovered 1.1 percent in May versus a 1.8 percent fall in April. In the flash report, the rate of increase was 0.3 percent.

The capacity utilization rose 0.1 percent in May after falling 0.3 percent in the prior month.

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