Japan Market extends losses

10 May 2022 , 04:50 PM

Japan share market finished session lower on Tuesday, 10 May 2022, on tracking a fall on Wall Street overnight amid concerns about the outlook for the global economy due to aggressive moves by global central banks to contain inflation could lead to a period of stagflation or an outright recession. That adds to pressure from Russias war on Ukraine and a Chinese slowdown. Central banks in the United States, Britain and Australia raised interest rates last week, and investors girded for more tightening as policymakers fight soaring inflation. At closing bell, the 225-issue Nikkei Stock Average fell 152.24 points, or 0.58%, to 26,167.10. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 16.01 points, or 0.85%, to 1,862.38. In economic news, Japans household spending fell in March for the first time in three months, though the 2.3% drop was smaller than expected, as consumers remained cautious despite some easing of COVID-19 curbs. Household spending in the January-March quarter was down 1.8% from the previous quarter, the data showed, as curbs to combat the Omicron COVID variant lasted until late March. CURRENCY NEWS: The dollar slipped to around mid 130 yen level in Tokyo trading on Tuesday, following drops in stock prices and U.S. long-term interest rates. At 5 p.m., the dollar stood at 130.35-36 yen, down from 131.20-20 yen at the same time Monday. Powered by Capital Market – Live News