Japan Market falls on profit booking

25 Nov 2022 , 01:44 PM

Japan share market finished session lower on Friday, 25 November 2022, as investors opted to book profit made in the previous two sessions, after data showing core consumer prices in Tokyo surged to a 40-year high in November. Sentiment also dented by record daily coronavirus cases in China. At closing bell, the 225-issue Nikkei Stock Average index fell 100.06 points, or 0.35%, to 28,283.03. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 0.80 point, or 0.04%, to 2,018. With Wall Street closed for the Thanksgiving break, trading was light with few catalysts to drive action on trading floors. Regional sentiment was being sapped by ongoing fears about the spike in Covid cases in China, which authorities are trying to contain with a series of targeted measures in big cities including Beijing and Shanghai, though they are short of full-on lockdowns. Dentsu Group shares closed lower after a report that Tokyo prosecutors searched the advertising agency and other firms in connection with possible bid-rigging for Tokyo Olympics test events. Shares of Hub Co, which runs British style pubs, jumped after Japan made a stunning 2-1 upset over four-times champions Germany in their World Cup opener on Wednesday. Shares of defensive utility sector advanced, with Tokyo Electric Power up 4.2%, followed by heavy machinery raker Kawasaki Heavy Industries, with a 4.05% jump. ECONOMIC NEWS: Tokyos core consumer price index rose 3.6% in November on an annualized basis. The report marks the fastest annual pace Japans capital has seen since April 1982, and significantly above the Bank of Japans inflation target of 2%.Powered by Capital Market – Live News