Japan Market tumbles on growth worries

19 May 2022 , 04:28 PM

Japan share market finished session notably lower on Thursday, 19 May 2022, snapping four-session winning streak, on tracking weak lead from Wall Street overnight as well as concerns that surging commodity prices may squeeze corporate profits and cause the global economy to slow down. Rising inflation, the conflict in Ukraine, prolonged supply chain snarls, pandemic-related lockdowns in China and prospects of aggressive policy tightening by central banks have weighed on the markets recently, stoking concerns about a global economic slowdown. At closing bell, the 225-issue Nikkei Stock Average declined 508.36 points, or 1.89%, to 26,402.84. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 24.61 points, or 1.31%, to 1,860.06. Total 31 of 33 TSE sectoral indices declined, with bottom performing issues were Marine Transportation, Insurance, Services, Precision Instruments, Electric Appliances, Retail Trade, and Securities & Commodities Futures. Shares of Chip-related issues were lower on tracking drop decline of US peers, with heavyweight SoftBank Group declining 1.6%. Staffing agency Recruit Holdings and retailer Seven & I Holdings both fell around 4%. ECONOMIC NEWS: Japans core machinery orders rose 7.1% in March from the previous month, the Cabinet Office data showed on Thursday. Compared with a year earlier, core orders, a highly volatile data series regarded as a leading indicator of capital spending in the coming six to nine months, grew 7.6% in March. CURRENCY NEWS: The dollar fell to around lower 128 yen range in Tokyo trading on Thursday, following a U.S. stock sell-off. At 5 p.m., the dollar stood at 128.22-23 yen, down from 129.32-33 yen at the same time Wednesday. Powered by Capital Market – Live News