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Japan Nikkei extends losses on Fed worries

23 Aug 2022 , 04:51 PM

Japanese share market finished lower for fourth consecutive session on Tuesday, 23 August 2022, as risk aversion selloff continued on following negative lead from Wall Street overnight amid concerns over future rate hikes by the U.S. Federal Reserve to combat inflation. Meanwhile, slowdown in Japans factory activity growth in August also weighed down investors risk sentiments. At closing bell, the 225-issue Nikkei Stock Average index declined by 341.75 points, or 1.19%, to 28,452.75. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped by 21.15 points, or 1.06%, to 1,971.44. Uncertainty over the pace of US interest rate hikes prevailed among investors, as markets globally braced for remarks from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium due on Friday. High-capped tech issues followed their U.S. counterparts lower and weighed on the broader market, with SoftBank Group dropping 2.4%, while Tokyo Electron lost 0.8%. Hino Motors Ltd., a subsidiary of Toyota, came under heavy pressure, after more details of its engine data falsification scandal came to light, with its stock dropping 6.4%. Leisure-related airlines and retailers advanced after reports about possible easing of pandemic-related border rules. ANA Holdings and Japan Airlines climbed 3.3 and 4.9%, respectively, while Isetan Mitsukoshi Holdings jumped 4.5%. ECONOMIC NEWS: The au Jibun Bank Flash Japan Manufacturing Purchasing Managers Index (PMI) fell to a seasonally adjusted 51.0 in August from a 52.1 final in July, marking the slowest expansion since January last year. The 50-mark separates contraction from expansion. The au Jibun Bank Flash Services PMI Index slipped to a seasonally adjusted 49.2 in August from Julys final of 50.3.The au Jibun Bank Flash Japan Composite PMI, which is calculated by using both manufacturing and services, saw a marked decline to 48.9 from Julys 50.2 final. CURRENCY NEWS: The dollar rose to levels above 137 yen in Tokyo trading Tuesday, backed by expectations of a wider Japan-U.S. interest rate gap. At 5 p.m., the dollar stood at 137.27-28 yen, up from 136.84-84 yen at the same time on Monday. The euro was at 136.35-36 yen, down from 136.90-90 yen.Powered by Capital Market – Live News

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