Japan Stocks end mixed

26 Jul 2022 , 04:52 PM

Japanese share market finished session mixed on Tuesday, 26 July 2022, as investors cautiously awaiting for the outcome of the U.S. Federal Reserves two-day monetary policy meeting starting later in the day as well as release of earning reports by Japanese and U.S. companies this week. At closing bell, the 225-issue Nikkei Stock Average declined 44.04 points, or 0.16%, to 27,6655.21. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 0.04 point, or 0.00%, to 1,943.17. Technology stocks dropped on tracking losses in their Wall Street peers as investors fretted that aggressive rate hikes could tip the US economy into recession. Tokyo Electron slid 1.1% to 44,520 yen, TDK fell 1.9% to 4,160 yen, and Screen Holdings was down 1.1% at 9,350 yen. Shares of energy-related issues advanced on following a rise in crude oil futures overnight after Russias Gazprom said it will cut natural gas supply to Germany via Nord Stream 1 to 20% of capacity from Wednesday. Oil explorer Inpex climbed 3.3% to 1,440 yen, while refiners Idemitsu Kosan gained 3.1% to 3,335 yen and Eneos Holdings was up 1.6% at 509.2 yen. ECONOMIC NEWS: The Bank of Japan released the minutes for it June meeting on Tuesday, after keeping its interest rates at ultra-low levels last week. Members of the BOJ policy board said the economy was on its way to recovery from the effects of Covid, but still needs strong support on the financial side due to pressure from the rise in commodity prices. They also agreed that it was necessary to pay due attention to developments in financial and foreign exchange markets and their impact on Japans economic activity and prices, the minutes said. CURRENCY NEWS: The Japanese yen has weakened as the countrys monetary policy diverges from that of the Fed and much of the developed world. The Japanese yen traded at 136.62 per dollar, stronger than last weeks levels.Powered by Capital Market – Live News