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Tokyo stocks end lower over wall street losses

0 Comment(s)Print E-mail Xinhua, March 25, 2024
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TOKYO, March 25 (Xinhua) -- Tokyo stocks closed significantly lower on Monday, ending the winning streak for days, over losses on Wall Street amid overheating concerns among investors.

Japan's benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended down 474.31 points, or 1.16 percent, from Friday to close the day at 40,414.12.

The broader Topix index, meanwhile, finished 35.58 points, or 1.26 percent, lower at 2,777.64.

Market watchers here noted that notable declines in the Tokyo stock market came as a response to overnight downturn in the U.S. stock market, where the Dow Jones Industrial Average fell over 300 points.

They also pointed to a profit-taking sentiment during the trading day as investors remained cautious amid concerns of short-term overheating in the Tokyo market.

Japanese Vice Minister of Finance for International Affairs Masato Kanda said on Monday that recent weakness of the Japanese yen has not been in line with economic fundamentals, warning that there are speculations behind the developments and that excessive fluctuations have a negative impact on the economy.

His remarks came less than a week after the Bank of Japan decided to end its negative interest rate policy in its first rate hike in 17 years, marking a major shift away from the long-running monetary easing that Japan has seen over the past decade to put an end to deflation.

Analysts pointed out that the yen's rebound against the dollar might induce pressure on export-related issues.

On the Prime Market, decliners were led by precision machinery, real estate and services issues.

Issues that declined outpaced those that advanced by 1,267 to 348, while 40 ended the day unchanged. Enditem

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