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Japan Nikkei extends losses

2 Sep 2022 , 04:12 PM

Japanese share market finished session lower on Friday, 02 September 2022, affected by the view that higher borrowing costs in the United States would slow the worlds largest economy and weigh on global growth. Meanwhile, US-China tensions and lingering worries over the global chip shortage were weighing on the market. Market participants are now awaiting U.S. nonfarm payrolls data for August due later in the day for any hint to future Fed policy. At closing bell, the 225-issue Nikkei Stock Average index declined by 430.06 points, or 1.53%, to 27,661.47. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 27.67 points, or 1.41%, to 1,935.49. Shares of energy issues met selling as reports that China may reinstate regulations to curb coronavirus infections stirred investor concerns that such a move would slow economic activity and weaken energy demand. Meanwhile, retailers gained ground on Japans strong department store sales data for August. Nippon Steel shares closed lower after reports said the steel maker and Toyota had agreed on a steep increase in the price of steel products. CURRENCY NEWS: The Japanese yen depreciated to 140 level against greenback on Friday, as demand for safe haven currency dimmed after strong U.S. economic data fueled expectations that the Federal Reserve will continue aggressive interest rate hikes. Market participants accelerated dollar-buying amid expectations of wider interest rate differentials between the United States and Japan as the Bank of Japan is widely expected to maintain its ultraloose monetary policy until at least next year to help ensure post-pandemic growth. The Japanese currency was trading at 140.13 against greenback late afternoon on Friday compared with 140.15-25 in New York and 139.28-29 in Tokyo on ThursdayPowered by Capital Market – Live News

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