The benchmark Nikkei 225 index opened higher but was down 0.24 per cent, or 68.08 points, at 28,195.49 in morning trade, while the broader Topix index was down 0.44 per cent, or 8.64 points, at 1,969.12. — Reuters pic
Monday, 14 Nov 2022 10:54 AM MYT
TOKYO, Nov 14 — Tokyo stocks traded lower today despite overnight gains on Wall Street, with investors locking in profits after an upbeat end to last week.
The benchmark Nikkei 225 index opened higher but was down 0.24 per cent, or 68.08 points, at 28,195.49 in morning trade, while the broader Topix index was down 0.44 per cent, or 8.64 points, at 1,969.12.
The Nikkei advanced nearly three per cent on Friday, driven by hopes for less aggressive Federal Reserve rate hikes due to slowing US inflation that pushed up markets worldwide.
“In reaction to strong rallies in the previous session, Japanese markets are starting with losses,” said Monex senior market analyst Toshiyuki Kanayama.
Although last week’s lower-than-expected US inflation data was good news for investors, the global rallies “probably extended beyond what is justified by the (economic) fundamentals”, said Stephen Innes of SPI Asset Management.
The dollar fetched ¥139.35, against ¥138.7 in New York late Friday — a retreat from the multi-decade highs of beyond ¥151 hit by the dollar last month.
Market heavyweight SoftBank Group plunged 10.83 per cent to ¥6,200 after the investment giant posted a net profit in the second quarter but a net loss in the first half.
Toshiba was down 2.36 per cent at ¥4,833, after the conglomerate cut its annual net profit and operating targets due to one-off charges. Its executives did not comment on the group’s potential takeover process.
Olympus plunged 8 per cent to ¥2,845.5 after it cut its full-year operating profit forecast and reported a lower-than-expected second-quarter operating profit.
Honda was down 0.69 per cent at ¥3,312, shipping firm Mitsui OSK Lines was off 0.80 per cent at ¥3,095, and Japan Airlines was down 2.04 per cent at ¥2,637.
But chip-linked shares were higher, with semiconductor-making equipment manufacturer Tokyo Electron rallying 1.53 per cent to ¥45,050 and chip-testing equipment maker Advantest up 0.56 per cent at ¥8,960. — AFP
Read More: Tokyo stocks fall on profit-taking