Tokyo Stocks Close Down, Nintendo Up On Pokemon Launch
Mohammad Ali (@ChaudhryMAli88) Published July 22, 2016 | 02:17 PM
TOKYO, (UrduPoint / Pakistan Point News - 22nd july,2016) - Tokyo shares closed lower Friday as worries over a flagged stimulus dented spirits, but Nintendo rose again as the hugely popular Pokemon Go app launched in Japan, its home market. Trading got off to a weak start as investors bought the Yen after an interview was aired in which central bank chief Haruhiko Kuroda ruled out using so-called helicopter money in any fresh economy-boosting measures. The strategy involves funnelling cash directly into the economy to boost growth, including possibly putting cash straight into people's bank accounts, rather than the more traditional bond-buying method. The comments to the BBC were aired Thursday, just before the European Central Bank held off any fresh easing measures and its own boss provided limited scope for support in the future. Soon after the Kuroda interview, the Dollar plunged from levels above 107 yen to end Thursday at 105.76 yen.
On Friday it bought 105.91 yen. "The market had risen on hopes for helicopter money," Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank, told Bloomberg news. "Yesterday's report came at just the right time for investors wanting to close their positions and take profits.
" Next week, investors will focus on a central bank meeting, monthly economy data and the kickoff to Japans's latest earnings seasons. The benchmark Nikkei 225 index fell 1.09 percent, or 182.97 points, to close at 16,627.25.
Over the week it was up 0.78 percent. The Topix index of all first-section shares dropped 0.89 percent, or 11.88 points, to 1,327.51. It added 0.79 percent from last Friday. Toyota slipped 0.62 percent to 5,838 yen, Sony fell 0.52 percent to 3,196 yen and Uniqlo operator Fast Retailing, a market heavyweight, tumbled 3.20 percent to 32,640 yen. Construction machinery maker Komatsu eased 0.69 percent to 2,067 yen after it announced a deal to buy US mining equipment firm Joy Global for about $2.9 billion But Nintendo rose 0.78 percent to 28,220 yen as investors cheered the rollout of Pokemon Go in Japan, a couple of weeks after its initial launch set off a worldwide mania. At one stage the videogame giant's shares had more than doubled from their July 5 close as markets took the app's success as a good sign for Nintendo's nascent mobile gaming strategy.
Related Topics
Recent Stories
SC all set to take up govt pleas challenging ruling against NAB amendments
Islamabad, Rawalpindi weather update: Rain breaks heat wave
PM calls for urgent steps to make exports more competitive
Interior Minister visits site of under construction Jail in Islamabad
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 10 May 2024
Today Gold Rate in Pakistan 10 May 2024
London, Frankfurt stocks hit record highs on rate-cut hopes
May 9 culprits must be brought to logical end: Hanif Abbasi
Sanchez escapes through dust and gravel for nervy Giro triumph
Balochistan Assembly passes resolution to condemn May 9 attacks
Spain govt vows to block hostile BBVA bid for rival bank
NADRA holds open court to resolve public issues in Quetta
More Stories From Business
-
Pakistan, GCCs FTA, likely to be finalized in near future: Commerce Minister
1 hour ago -
Foreign exchange rates on Friday
2 hours ago -
Exchange rates for currency notes
5 hours ago -
Foreign exchange rates on Friday
5 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 10 May 2024
6 hours ago -
Today Gold Rate in Pakistan 10 May 2024
6 hours ago
-
Tokyo stocks open higher after US gains
7 hours ago -
Spain govt vows to block hostile BBVA bid for rival bank
15 hours ago -
Tajir Dost Scheme aims at broadening tax-base: Federal Minister for Finance and Revenue, Muhammad Au ..
15 hours ago -
ICCI organize ceremony to express solidarity with Armed Forces of Pakistan
17 hours ago -
Habib Arif posted as MD SIDB KP
17 hours ago -
Finance minister highlights economy-stabilizing efforts
17 hours ago