Japan Nikkei falls 0.7%

7 Feb 2022 , 04:07 PM

Japan share market finished session lower on Monday, 07 February 2022, as sentiment was soured by disappointing earnings results at some major Japanese firms and fears that the Fed will accelerate steps to tighten its monetary policy after strong U.S. wage and employment data.

At closing bell, the 225-issue Nikkei Stock Average fell 191.12 points, or 0.7%, to 27,248.87. The broader Topix index of all First Section issues on the Tokyo Stock Exchange sank 4.57 points, or 0.24%, to 1,925.99.

Shares of Subaru sank 4.9% after the automaker revised downward its earnings forecast for fiscal 2021 amid continued effects of the global shortage of semiconductors.

Olympus Corp slumped 12.2%, weighed down by weak earnings. Electronics components maker Taiyo Yuden lost 9.1% after posting weak financial results.

Nissan Chemical Corp was the Nikkeis biggest winner with a 5.6% advance after posting strong financial results.

ECONOMIC NEWS: Japan Leading Index Rises To 5-Month High In December – Japans leading index rose to a five-month high in December, while the coincident index weakened, preliminary data from the Cabinet Office showed on Monday. The leading index, which measures the future economic activity, rose to 104.3 in December from 103.9 in the previous month. This was the highest reading since July. Meanwhile, the coincident index that measures the current economic situation, dropped to 92.6 from 92.8 in November. At the lagging index, the lagging index rose to 94.2 from 93.4 a month ago.

CURRENCY NEWS: The Japanese yen traded at 115.25 per dollar, following last weeks weakening from levels below 114.4 against the greenback.

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