Nikkei average drops sharply by over 800 yen, almost erasing the previous day’s gains

Nikkei average drops sharply by over 800 yen, almost erasing the previous day’s gains | Reuters

TOKYO (Reuters) – On the Tokyo stock market, the Nikkei average fell by 831.60 yen from the previous trading day to 37,628.48 yen, closing the day lower. In reaction to the sharp rise on the previous day, a wide range of industries began selling in anticipation of a return. A mood of caution has spread ahead of tomorrow’s announcement of the results of the Bank of Japan meeting, next week’s US Federal Open Market Committee (FOMC) meeting, and the financial results of major companies in Japan and the US. The Nikkei average has almost erased the previous day’s increase of 907 yen.

After dropping 394 yen, the Nikkei stock average continued to decline, hitting a low of 37,604.23 yen, down 855 yen. The drop in three U.S. stock futures indexes in after-hours trading also had an impact. Meta Platforms (META.O), the company that operates Facebook New Tab opens new tab‘s stock price fell sharply in after-hours trading after the announcement of the financial results, leading to selling in high-tech and semiconductor stocks on the Tokyo stock market.

The Tokyo Stock Price Index (TOPIX) closed 1.74% lower at 2,663.53 points. The TSE Prime Market Index fell 1.74% from the previous business day to 1,370.9 points. The trading value in the prime market was 3,966,937 million yen. Prices fell in all 33 industries on the TSE, with electricity and gas, mining, transportation equipment, real estate, electrical equipment, and precision equipment among the top decliners.

Hideyuki Suzuki, head of investment research at SBI Securities, said, “In addition to yesterday’s large rally, Japanese stocks are continuing to adjust after the sharp rise in the January-March period.This week and next week, important events such as major companies’ financial results are coming up. “It will be difficult to follow the top price,” he said.

Among the main stocks, Fast Retailing (9983.T) has a high index contribution. New Tab opens new tabTokyo Electron (8035.T) New Tab opens new tabfell more than 3%, pushing down the Nikkei average by about 268 yen in two stocks. SoftBank Group (9984.T) New Tab opens new tabShin-Etsu Chemical (4063.T) New Tab opens new tabChugai Pharmaceutical (4519.T) New Tab opens new tabI didn’t even notice it. Eisai (4523.T) New Tab opens new tabAlps Alpine (6770.T) New Tab opens new tabwas solid.

The stock that announced its financial results on the previous day was Canon (7751.T) New Tab opens new tabFANUC (6954.T) fell 3.43%. New Tab opens new tabwas down 8.42%. The company was disappointed that it fell short of market expectations. In the market, one domestic securities strategist said, “Although the settlement of accounts will begin in earnest, there is an overall cautious outlook and the outlook is becoming doubtful.”

In the emerging stock market, the Tokyo Stock Exchange Growth Market 250 Index fell by 2.36% to 640.12 points. Kojin Bio (177A.T) newly listed on the growth market today New Tab opens new tabIt opened at 2,030 yen, 6.84% higher than the public price, rose to 2,375 yen, and closed at 2,370 yen.

Regarding the number of rises and falls in the TSE prime market, 234 stocks rose (14%), 1,389 stocks fell (84%), and 28 stocks remained unchanged (1%).

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The article is in Japanese

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