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Tokyo stocks end mixed as tech shares drag

0 Comment(s)Print E-mail Xinhua, December 1, 2023
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TOKYO, Dec. 1 (Xinhua) -- Tokyo stocks ended mixed Friday, as tech shares slumped on rising bond yields amid caution ahead of comments from U.S. Federal Reserve Chair Jerome Powell later in the day.

Japan's benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended down 55.38 points, or 0.17 percent, from Thursday at 33,431.51.

The broader Topix index, meanwhile, finished 7.59 points, or 0.32 percent, higher at 2,382.52.

The benchmark index was mostly negative on the market due to rising long-term interest rates in Japan, while the United States weighed on tech shares as technology companies tend to be highly leveraged, making them sensitive to changes in interest rates, analysts said.

Dealers here said overall trading activities were lackluster, as investors awaited remarks from Powell as recent data from the U.S. indicates a decrease in inflation, which has fueled expectations of rate cuts by the central bank.

On the top-tier Prime Market, gainers were led by wholesale trade and warehousing and harbor transportation service issues, while top decliners were service and precision instrument issues. Enditem

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