Japan Nikkei falls for 2nd day

28 Oct 2022 , 02:29 PM

Japanese share market finished lower for second straight session on Friday, 28 October 2022, on tracking the mostly negative cues from Wall Street overnight. However, market losses capped after the announcement of a 71.6 trillion-yen economic stimulus package by Prime Minister Fumio Kishida. At closing bell, the 225-issue Nikkei Stock Average index declined 240.04 points, or 0.88%, to 27,105.20. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 651 points, or 0.34%, to 1,899.05. The biggest gainers of the session on the Nikkei 225 were Hino Motors, which rose 5%. Fujitsu added 3.1% and Advantest Corp. was up 2.4%. Biggest losers included Fanuc Corp, which lost 5.5%. Kawasaki Kisen Kaisha declined 5.05% and Yaskawa Electric Corp shed 3.5%. As widely expected, the BOJ left unchanged its -0.1% target for short-term interest rates and its pledge to guide the 10-year bond yield around 0%, though it revised up its price forecasts through 2024. ?The Bank will support financing, mainly of firms, and maintain stability in financial markets, and will not hesitate to take additional easing measures, if necessary,? BOJ said in its monetary policy statement. BOJ raised its inflation target, saying it expects core consumer inflation to hit 2.9% in the current fiscal year ending in March 2023 and 1.6% the following year. Earlier on Friday, core consumer inflation in Japans capital Tokyo, considered a leading indicator of nationwide figures, hit a 33-year high of 3.4% in October, data showed on Friday. Inflation in the Tokyo area thus exceeded the central banks 2% target for five straight months. CURRENCY NEWS: The yen wobbled after the Bank of Japan on Friday kept interest rates ultra-low and maintained a dovish stance. The yen fell about 0.4% to a session low of 146.90 per dollar after the BOJs decision, but later reversed the losses to eke out a marginal gain. It last stood at 146.265 per dollar.Powered by Capital Market – Live News