Japan Nikkei falls on profit booking

25 Jul 2022 , 04:57 PM

Japanese share market finished session lower on Monday, 25 July 2022, snapping seven days of winning streak, as investors opted to secure recent gains due to weak global cues and caution ahead of the Federal Reserve meeting midweek and the release of second quarter gross domestic product data in the U.S. Profit-taking pressure on investors also strengthened with the yens appreciation against the dollar. Investors focus is now on the Fed meeting and second-quarter U.S. gross domestic product data this week. The Feds rate announcement on 27th July is not likely to impact the market much since a 75 bps rate hike is already known and discounted by the market. The market will be keenly watching the Fed commentary for near-term triggers. At closing bell, the 225-issue Nikkei Stock Average declined 215.41 points, or 0.77%, to 27,699.25. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 12.76 points, or 0.65%, to 1,943.21. The biggest gainers of the session on the Nikkei 225 were Tokyu Corp, which rose 2.7% at the close. Meiji Holdings Co added 2.5% and Tobu Railway Co was up 2.5%. Biggest losers included Yaskawa Electric Corp, which lost 4.1%, followed by Eisai Co which declined 3.7%.Camera maker Nikon Corp and Fanuc Corp each shed 3.1%. CURRENCY NEWS: The Japanese yen traded at 136.38 per dollar, after strengthening sharply late last week.Powered by Capital Market – Live News