Tokyo Stocks Open Lower As US Election Jitters Boost Yen
Fakhir Rizvi Published November 04, 2016 | 09:30 AM
TOKYO, Nov 4, (UrduPoint / Pakistan Point News - 04th Nov, 2016 ) : Tokyo stocks opened lower on Friday as investor jitters over the US election boosted the yen, sparking a sell off of exporter shares.
The latest US election polls show Democrat Hillary Clinton clinging to a narrow lead over Republican Donald Trump, who is seen by markets as an unpredictable wildcard. "This uncertainty will keep investors from making a move as they watch and see what happens," said Juichi Wako, a senior strategist at Nomura Holdings.
"It could be Trump and even if it's Clinton, we don't know if policies will be managed smoothly amid the FBI investigation," he told Bloomberg news. The Dollar was trading at 103.13 Yen early Friday, up from 102.93 yen in New York Thursday afternoon but still well below 103.79 yen before Tokyo closed for Thursday's holiday.
A strong yen erodes Japanese exporters' profitability and usually trigger selling on the Tokyo equities market. The benchmark Nikkei 225 index lost 1.00 percent, or 172.05 points, from Wednesday to 16,962.63 in the first few minutes of trading, while the Topix index of all first-section issues was down 1.12 percent, or 15.26 points, at 1,353.18.
Trading in Takata shares was suspended after the Nikkei business daily reported that the airbag maker was preparing for a possible bankruptcy protection filing for its US unit as recalls costs are rising.
Heavy selling hit automakers with the strong yen and Takata woes dampening investor sentiment. Honda tumbled 3.31 percent to 2,875 yen while Toyota plunged 3.01 percent to 5,759 yen.
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From Business
-
Finance minister reviews progress on FBR digitalization
8 hours ago -
US stocks rebound on tech earnings, London hits new record
8 hours ago -
US approves gene therapy treatment for hemophilia
8 hours ago -
KATI president for inclusion of agri sector in tax net
8 hours ago -
Ahsan chairs 13th CPEC-JCC preparatory meeting, reviews arrangements for high-level delegation’s v ..
9 hours ago -
Police to take every step for security of business community: IGP
9 hours ago
-
WB director, Planning minister discuss reforms in development projects
9 hours ago -
IP rights crucial in achieving SDG : Jam Kamal
11 hours ago -
FBR’s data protection efforts commended by OECD assessment team
11 hours ago -
US stocks rebound on tech earnings, London hits new record
11 hours ago -
SECP-IFSB workshop highlights Pakistan's progress in Islamic Finance Development
11 hours ago -
SBP to announce monetary policy on April 29
11 hours ago