Tokyo Shares Fall On Weak US Data

Tokyo, (UrduPoint / Pakistan Point News - 29th Jun, 2022 ) :Tokyo stocks ended down on Wednesday, snapping a four-day winning streak, after a gloomy US consumer confidence report drove down Wall Street shares overnight.

The benchmark Nikkei 225 index gave up 0.91 percent, or 244.87 points, to 26,804.60, while the broader Topix index fell 0.72 percent, or 13.81 points, to 1,893.57.

The Dollar stood at 135.91 yen, against 136.20 Yen in New York on Tuesday.

Weak US data deflated spirits on Wall Street, with the Dow ending down 1.6 percent while the Nasdaq lost 3.0 percent.

The cautious mood continued through Asian trading hours, on top of worries over the speed of interest rate hikes by central banks worldwide.

"The market became wary over the increased risk of recession, as indicated by the latest US Conference board consumer confidence index," Daiwa Securities said.

Sell-offs, including of major blue-chip shares, hit the Tokyo market as a risk-averse mood grew among investors -- who also locked in profits after four days of gains, Okasan Online Securities said.

Cooling US consumer confidence weighed on Japanese shipping companies. Nippon Yusen lost 2.18 percent to 9,440 yen while its smaller rival Kawasaki Kisen dropped 3.73 percent to 8,520 yen.

Surging demand for electricity in greater Tokyo, combined with the will of political leaders to restart more nuclear reactors, boosted Tokyo Electric Power Holdings 5.27 percent to 579 yen.

Falls of US tech shares also dragged down Japanese stock prices. Tokyo Electron, a major producer of tools to build semiconductors, fell 2.84 percent to 46,200 yen. Industrial robot maker Fanuc slipped 0.61 percent to 22,010 yen.

Sony Group fell 0.99 percent to 11,485 yen, after announcing that it was launching a new brand for PC gaming gear. SoftBank Group fell 1.64 percent to 5,325 yen.