Tokyo Stocks End Lower

Tokyo stocks ended lower on Tuesday, driven down by falls in tech shares as investors eyed the risk of a US government shutdown

Tokyo, Sept 28 (UrduPoint / Pakistan Point News - 28th Sep, 2021 ) :Tokyo stocks ended lower on Tuesday, driven down by falls in tech shares as investors eyed the risk of a US government shutdown.

The benchmark Nikkei 225 index slipped 0.19 percent or 56.10 points at 30,183.96, while the broader Topix index fell 0.29 percent or 5.97 points to 2,081.77.

The market drifted lower due to a lack of fresh news following a lacklustre session on Wall Street, according to analysts.

"Falls, particularly of tech shares, drove down the overall market," Okasan Online Securities said.

Still, Tokyo investors were willing to pick up bargains, with the Nikkei index finding support around the 30,000 mark, the brokerage added.

The Dollar fetched 111.36 yen, against 110.01 Yen in New York on Monday.

A weaker yen usually encourages buyers, but investors were cautious over advancing US bond yields as Fed policymakers consider tapering their loose monetary policy.

Investors are also worriedly watching another tense instalment of Washington politics -- this time over the risk of a US government shutdown.

"Investors are wary of rising US yields. This is resulting in a lukewarm appetite for exporter issues," Okasan said.

To the delight of local businesses, the Japanese government is expected to announce that the coronavirus state of emergency across areas including Tokyo and Osaka will be lifted after the current period ends on September 30.

The emergency measures, which largely limit alcohol sales, restaurant opening hours and crowd sizes at large events, were imposed throughout the summer, including during the Olympics.

Investors are also eyeing the final hours of a Japanese ruling party leadership race to replace Prime Minister Yoshihide Suga, whose popularity ratings have tanked.

His successor, to be chosen on Wednesday, will lead the party into general elections in October or November.

In Tokyo trading, chip-related shares suffered. Advantest, a producer of chip-testing tools, fell 3.57 percent to 10,820 yen. Tokyo Electron, which makes equipment to build chips, fell 1.05 percent to 53,840 yen.

Sony Group fell 0.35 percent to 12,920 yen. But Toyota emerged above water and ended up 0.53 percent to 10,385 yen, while SoftBank Group added 2.39 percent to 6,782 yen.

Industrial robot maker Fanuc shed earlier losses and ended up 0.30 percent to 25,330 yen.