Roundup: Tokyo stocks close lower as yen's rise weighs on exporter issues

0 Comment(s)Print E-mail Xinhua, November 19, 2019
Adjust font size:

TOKYO, Nov. 19 (Xinhua) -- Tokyo stocks closed lower Tuesday as export-related issues weighed on the market following the yen's appreciation against the U.S. dollar, with investor concerns also rising over the progress of key trade talks between two major economies.

The 225-issue Nikkei Stock Average lost 124.11 points, or 0.53 percent, from Monday to close the day at 23,292.65.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, fell 3.99 points, or 0.23 percent, to finish at 1,696.73.

Trading got off to lackluster start, with the Nikkei relinquishing almost 150 points at one point in the morning session, as the yen's rise against the U.S. dollar zapped sentiment and weighed heavily on exporters, local brokers said.

They highlighted that a firm yen can negatively impact exporters' profits made overseas when repatriated. A strong yen also affects exporters' competitiveness and profit outlooks in global markets.

Investors were also wary about the progress of key trade talks and the outlook for a near-term partial deal, amid a lack of clear directional cues on the issue, market analysts here said.

They added that, as such, investors refrained from making bold moves, with the yen's strength being the predominant factor behind stocks moving today.

As a result, exporters came under pressure, with auto and electronics makers losing ground.

Toyota skidded down 1 percent, while smaller rival Honda lost 0.7 percent. Mitsubishi Motors, meanwhile, reversed 0.8 percent by the close.

Among semiconductor and electronic-related issues, which are highly sensitive to external factors, Tokyo Electron lost 1.2 percent, while Taiyo Yuden fell 4.9 percent. Industrial robotics maker Fanuc also closed in negative territory, losing 1.5 percent by the end of trading hours.

Z Holdings was a notable loser, tumbling 8 percent, after announcing the previous day that Yahoo Japan would merge with messaging app company Line.

SoftBank Group, a key shareholder in Z Holdings, closed the day 1.3 percent lower after the news of the merger.

By the close of play, nonferrous metal, machinery and rubber product-linked issues comprised those that declined the most, and issues that fell outpaced those that rose by 1,163 to 888 on the First Section, while 101 ended the day unchanged.

On the main section on Tuesday, 1,204.08 million shares changed hands, dropping from Monday's volume of 1,223.47 million shares.

The turnover on the second trading day of the week came to 1,967.4 billion yen (18.09 billion U.S. dollars). Enditem

Follow on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from