Investor profit-taking eases Nikkei's record momentum
Date
2/29/2024 4:21:31 AM
(MENAFN) On Thursday, Japan's NIKKEI index experienced a slight downturn as investors opted to cash in on recent gains following the index's record-setting high. However, the day's trading session saw a notable recovery, with much of the earlier losses being mitigated by renewed buying interest.
For the second consecutive day, the Nikkei saw a decline, slipping by 0.11 percent to conclude at 39,166.19 points. At one point during the session, the index had dipped by as much as 0.8 percent, marking its first venture below the 39-thousand-point threshold since February 22.
Chief strategist at Daiwa Securities, Shuji Hosui, observed that investor sentiment shifted as the Nikkei briefly breached the 39,000-point mark, prompting a resurgence in buying activity. Notably, major companies such as Toyota remained attractive to investors despite the yen's strengthening against the dollar.
The yen's ascent against the dollar on Thursday was fueled in part by remarks from Bank of Japan board member Hajime Takata, who suggested a reevaluation of the central bank's ultra-accommodative monetary policy. Takata's comments hinted at a potential shift in the bank's approach, prompting market participants to reassess their currency positions amidst evolving policy dynamics.
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