Tokyo's Nikkei Index Closes Lower

Muhammad Irfan Published May 17, 2024 | 12:30 PM

Tokyo, (APP - UrduPoint / Pakistan Point News - 17th May, 2024) Tokyo's Nikkei index closed lower on Friday after Wall Street shares dropped following recent strong gains.

The benchmark Nikkei 225 index fell 0.34 percent, or 132.88 points, to end at 38,787.38, while the broader Topix index climbed 0.30 percent, or 8.08 points, to 2,745.62.

The Dollar stood at 155.73 Yen against 155.40 in New York on Thursday.

The Dow finished down 0.1 percent at 39,869.38 on Wall Street overnight after briefly rising above 40,000 for the first time.

Wall Street investors felt content once the milestone was reached and sell-offs instead became dominant, which led to the Tokyo market opening significantly lower, IwaiCosmo Securities said.

Traders in Japan then "gradually recalibrated and started buying, with falls narrowing as a result", the brokerage said.

Among major shares in Tokyo, chip-making equipment manufacturer Tokyo Electron was down 1.98 percent at 36,090 yen and Nikon was off 1.12 percent to 1,667.5 yen.

Uniqlo operator Fast Retailing dropped 0.89 percent to 41,010 yen, while Toyota jumped 2.50 percent to 3,436 yen.