Tokyo Stocks Rebound on Tuesday
(MENAFN) Japanese equities dipped Tuesday as investors locked in gains following a historic rally, with the Nikkei 225 giving back earlier advances that briefly pushed the index above the 44,000 threshold.
The Nikkei Stock Average ended the day down 184.52 points, or 0.42%, closing at 43,459.29. The drop came after the index touched an all-time high, propelled by strong overnight performance on Wall Street and optimism over potential fiscal stimulus under Japan’s incoming government.
However, that early momentum faded as traders moved to secure profits, a trend compounded by currency movements. A rising yen—strengthening into the upper 146 range against the U.S. dollar amid growing expectations for looser policy from the Federal Reserve—fueled further selling pressure.
The broader Topix index also lost ground, shedding 16.08 points, or 0.51%, to finish at 3,122.12.
Market breadth on the Tokyo Stock Exchange Prime Market reflected the retreat, with 952 decliners outpacing 616 gainers, while 50 stocks closed flat.
The Nikkei Stock Average ended the day down 184.52 points, or 0.42%, closing at 43,459.29. The drop came after the index touched an all-time high, propelled by strong overnight performance on Wall Street and optimism over potential fiscal stimulus under Japan’s incoming government.
However, that early momentum faded as traders moved to secure profits, a trend compounded by currency movements. A rising yen—strengthening into the upper 146 range against the U.S. dollar amid growing expectations for looser policy from the Federal Reserve—fueled further selling pressure.
The broader Topix index also lost ground, shedding 16.08 points, or 0.51%, to finish at 3,122.12.
Market breadth on the Tokyo Stock Exchange Prime Market reflected the retreat, with 952 decliners outpacing 616 gainers, while 50 stocks closed flat.
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