Japan Market extends losses on US monetary tightening woes

12 May 2022 , 04:42 PM

Japan share market finished session lower on Thursday, 12 May 2022, marking its lowest level in nearly two months, on tracking overnight declines on Wall Street after higher-than-expected U.S. consumer price data for April fuelled wariness that the Federal Reserve may take aggressive measures to stem inflation. At closing bell, the 225-issue Nikkei Stock Average fell 464.92 points, or 1.77%, to 25,748.72. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 21.97 points, or 1.19%, to 1,829.18. SoftBank Group tumbled 8% to 4,491 yen. After the market closed, the investment giant reported a record annual net loss of $13 billion after a bruising year that saw its assets hit by a US tech rout and a regulatory crackdown in China. Toyota fell 1.5% to 2,050 yen a day after announcing a record full-year net profit while issuing cautious forecasts. CURRENCY NEWS: The dollar plunged below 129 yen in Tokyo trading Thursday as data suggested overnight that inflation in the United States may have peaked out. At 5 p.m., the dollar stood at 128.80-85 yen, down from 129.96-97 yen at the same time Wednesday. Powered by Capital Market – Live News