Market Commentary - Foreign Markets
Nikkei Edges Down 0.5% As on : 26-Jul-24  18:26

Japanese markets closed lower, and the yen stabilized near a 12-week high against the dollar, heading into next week's Bank of Japan policy meeting where a 10 -bps rate hike may be on the table.

The Nikkei 225 Index ended down 0.5 percent at 37,667.41, failing to sustain earlier gains. The broader Topix Index settled 0.4 percent lower at 2,699.54. Hino Motors surged 12.8 percent and Canon added 6.7 percent after reporting strong earnings.

Japan's leading index improved slightly more than initially estimated in May, the latest data from the Cabinet Office showed on Friday.

The leading index, which measures future economic activity, rose to 111.2 in May from 110.9 in the previous month. In the flash report, the score was 111.1.

Meanwhile, the coincident index surged to a 56-month high of 117.1 in May from 115.2 a month ago. The flash score was 116.5. The coincident index measures the current economic situation.

The lagging index also climbed to 108.2 in May from 106.1 in the prior month. The May figure was revised up from 108.0.

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