Nikkei falls for fourth consecutive session amid yen strength, weak market sentiment
(MENAFN) On Friday, Japan's NIKKEI index experienced a decline, marking its fourth consecutive day of losses as the market awaited U.S. nonfarm payrolls data. The Nikkei closed down by 0.72 percent at 36,391.47 points, following a previous drop of about 1.7 percent. Over the course of the week, the index suffered a substantial loss of 5.15 percent, its worst weekly performance since July 26.
The strength of the yen further contributed to the negative sentiment, as it rose to a one-month high ahead of the U.S. jobs report, which is expected to influence future interest rate decisions by major economies. A stronger yen can adversely impact exporters by reducing the value of their overseas earnings when converted back to yen. This effect was evident as key players in the technology sector, such as Tokyo Electron Co Ltd and Advantest Co Ltd, faced significant declines of 1.9 percent and 1.38 percent, respectively. Additionally, SoftBank Group Corp fell by 1.76 percent.
The broader Topix index also saw a decrease of 0.89 percent, closing at 2,597.42 points, with notable losses from electronics giant Hitachi, which fell by 3.57 percent, and Sony Group, which dropped by 2.55 percent. Throughout the week, the Topix index recorded a total loss of 3.4 percent. Out of over 1,600 stocks on the Tokyo Stock Exchange's main market, only 26 percent advanced, while 70 percent declined, and 2 percent remained unchanged.
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