Tokyo Stocks End Lower Ahead Of US Inflation Data

Tokyo, (APP - UrduPoint / Pakistan Point News - 10th Apr, 2024) Tokyo stocks ended lower on Wednesday with investors taking a wait-and-see stance ahead of the release of US inflation data.

The benchmark Nikkei 225 index dropped 0.48 percent, or 191.32 points, to end at 39,581.81 while the broader Topix index slipped 0.43 percent, or 11.90 points, to 2,742.79.

The Dollar fetched 151.79 yen, little changed from 151.76 Yen in New York.

In Japan, "investors were inclined to remain non-committal ahead of the release of March US CPI data", IwaiCosmo Securities said.

The wait-and-see attitude kept the market in a limited range of movement, leaving it "directionless" most of the time, the brokerage added.

Global investors will analyse how the US inflation data will impact the speed and timing of Federal Reserve interest rate cuts.

"There's a palpable sense of nervousness among investors as they exercise a modicum of restraint, concerned about the possibility of hotter-than-expected inflation figures," Stephen Innes of SPI Asset Management said.

Among major shares in Tokyo, Seven & i Holdings lost 1.60 percent to close at 2,145 yen after reports said the retail giant is considering listing its supermarket business, centred on struggling subsidiary Ito-Yokado.

SoftBank Group dropped 0.47 percent to 8,535 yen, Toyota trimmed 0.95 percent to 3,740 yen and Uniqlo operator Fast Retailing fell 1.11 percent to 44,360 yen.