Tokyo Stocks Slip Over Clinton Email Woes
Umer Jamshaid Published October 31, 2016 | 01:05 PM
TOKYO, (UrduPoint / Pakistan Point News - 31st Oct, 2016 ) - Tokyo stocks eased Monday after the FBI said it would further investigate US presidential candidate Hillary Clinton's emails, fuelling uncertainty about next week's poll, while traders were keeping an eye on a central bank policy meeting.
Markets favourite Clinton had been considered a shoe-in for the November 8 election following a series of outbursts and gaffes by her Republican rival Donald Trump. But FBI chief James Comey said Friday he was again looking at her use of a private email server while secretary of state, sparking worries Trump -- considered a loose cannon -- could win.
"Should Trump become president, chances are for US monetary policy to take a turn and they may opt against a rate hike," said Shoji Hirakawa, chief global strategist at Tokai Tokyo Research Institute Co.
"We can't take any aggressive positions before seeing how US stock markets move tonight," he told Bloomberg News. The Dollar sank Friday to 104.73 Yen in New York Friday from 105.30 yen earlier in the day in Asia.
And on Monday it struggled to bounce back in Tokyo, buying 104.90 yen. That weighed on Japan's exporters, sending the Nikkei 225 index fall 0.12 percent, or 21.39 points, to close at 17,425.02 although the Topix index of all first-section issues was marginally higher, adding 0.
61 points to 1,393.02.
A higher yen generally drives down exporters' earnings as it reduces their repatriated income and makes their products relatively more expensive overseas. Shortly before the market opened, the government said the nation's industrial production for September was unchanged from the previous month, falling far short of market expectations for a 0.9-percent rise.
Retail sales for September also remained flat, reflecting weak consumption. The weak data came ahead of the Bank of Japan's two-day policy board meeting. Most observers expect the central bank will hold fire from additional easing, but will be closely monitoring Governor Haruhiko Kuroda's post-meeting news conference Tuesday.
Toshiba closed up 0.50 percent at 381 yen after it revised up its earnings forecast. Honda slipped 0.19 percent to 3,114 yen. After the market closed, the carmaker upgraded annual profit forecasts.
Panasonic added 0.96 percent. After the close the electronics giant announced it cut its annual profit forecasts, blaming the impact of a strong yen among other factors. Shares in three Japanese shipping firms soared Monday on news that they are merging container businesses, with Mitsui O.S.K closing up 5.62 percent after rocketing more than 15 percent in morning trade.
Related Topics
Recent Stories
4-day book fair opens
30 wheelchairs donated
11 dead, 1295 injured in road accidents
46 vehicles impounded for traffic violations
PSX gains 771 points
PITB HR Wing organizes Eid Milan celebration for children at PITB Day Care Cente ..
Cabinet briefed on progress of PIA privatization
Meeting held to streamline trade between Pak-Afghan , Central Asian Republics
SONY x TECNO - is this for real?
Progress of Aaghosh, Bunyad, Khud Mukhtar programs discussed
SBP to announce monetary policy on April 29
London stocks hit new record peak on takeovers
More Stories From Business
-
PSX gains 771 points
29 minutes ago -
Pakistan, US hold 7th TIFA meeting to strengthen trade and investment ties
1 hour ago -
Meeting held to streamline trade between Pak-Afghan , Central Asian Republics
31 minutes ago -
Coca-Cola invests an additional $22 million in Pakistan
1 hour ago -
SECP Introduces SECP-XS: A swift complaint resolution platform
1 hour ago -
SBP to announce monetary policy on April 29
20 minutes ago
-
London stocks hit new record peak on takeovers
20 minutes ago -
Rupee sees slight recovery against US dollar
20 minutes ago -
Kitchen items’ prices ease as weekly inflation falls by 1.1%
3 hours ago -
Shipping Activity at Port Qasim
4 hours ago -
Yen falls further as Bank of Japan stands pat on rates
20 minutes ago -
Foreign Exchange (Forex) Open Market Rate in Pakistan 26 April 2024
20 minutes ago