Tokyo Stocks Close Lower

Faizan Hashmi Published May 13, 2024 | 01:20 PM

Tokyo, (APP - UrduPoint / Pakistan Point News - 13th May, 2024) Tokyo stocks closed lower on Monday, weighed down by a rise in Japanese long-term interest rates, as investors focused on corporate earnings.

The benchmark Nikkei 225 index fell 0.13 percent, or 49.65 points, to end at 38,179.46, while the broader Topix index slipped 0.15 percent, or 4.13 points, to 2,724.08.

"As interest rates in Japan rose, real estate and growth shares were sold," IwaiCosmo Securities said.

Investors also had their eye on earnings reports including market heavyweight SoftBank Group after market close on Monday, and Sony Group on Tuesday.

Mizuho Securities added that "a wait-and-see mood is expected ahead of the release of the US April Producer price Index (PPI) and the Consumer Price Index (CPI) this week.

The Dollar fetched 155.82 yen, against 155.88 Yen in New York on Friday.

In Tokyo trading, chip-linked Tokyo Electron lost 1.03 percent to 34,640 yen.

Real estate shares were lower, with Mitsui Fudosan plunging 5.39 percent to 1,492 yen.

SoftBank Group, which said after the closing bell that it trimmed its annual net loss to 227.6 billion yen from 970.1 billion yen, saw its shares jump 1.56 percent to 8,000 yen.

Sony Group gained 1.79 percent to 11,920 yen while Honda climbed 1.12 percent to 1,756 yen.