Market Commentary - Foreign Markets
Nikkei averages dips 0.68% ahead of BoJ policy meeting As on : 13-Sep-24  15:14

Japanese stocks fell notably as the yen's rise to around 141 per dollar weighed on exporters. Gains in chip-related stocks helped limit overall loses to some extent.

The Nikkei average dipped 0.68 percent to 36,581.76 ahead of a Bank of Japan policy meeting next week. The broader Topix index settled 0.82 percent lower at 2,571.14.

Automakers Nissan, Honda Motor, Mitsubishi Motors and Toyota dropped 1-2 percent.

Tech investor Softbank Group shed 0.8 percent and Fast Retailing, the owner of the Uniqlo brand, declined 1.4 percent. On the positive side, Advantest rose 1.3 percent and Tokyo Electron advanced 1.7 percent.

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

Industrial production advanced 3.1 percent on a monthly basis, reversing a 4.2 percent decrease in June. In the flash report, the rate of growth was 2.8 percent.

Data showed that shipments grew 2.7 percent from the previous month, and inventories rose 0.4 percent. On the other hand, the inventory ratio showed a decrease of 2.4 percent.

Year-on-year, industrial production climbed 2.7 percent in July versus a 7.9 percent sharp fall in the prior month.

The capacity utilization advanced 2.5 percent monthly in July, in contrast to a 3.1 percent fall in June.

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