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Tokyo Stocks Close Wednesday with Mixed Results
(MENAFN) Japanese equities delivered a divided performance on Wednesday, with currency-driven gains in export-heavy stocks countered by investor caution ahead of the U.S. Federal Reserve's anticipated interest rate announcement.
The Nikkei Stock Average, encompassing 225 issues, slipped 52.30 points to close at 50,602.80—a decline of 0.10 percent from the previous session.
In contrast, the Topix index, which tracks a wider array of companies, advanced 4.10 points to finish at 3,389.02, marking a 0.12 percent gain after touching a record intraday peak.
Currency markets saw the U.S. dollar maintain strength in the upper 156 yen zone throughout Tokyo trading hours. The depreciated yen bolstered shares of export-oriented companies, temporarily pushing the Nikkei benchmark above the 51,000 threshold, market observers noted.
Yet heavyweight technology stocks surrendered their morning advances and descended into negative territory as traders adopted a risk-averse stance. Market participants broadly anticipate the Fed will implement its third consecutive benchmark rate reduction during the upcoming policy meeting.
The Nikkei Stock Average, encompassing 225 issues, slipped 52.30 points to close at 50,602.80—a decline of 0.10 percent from the previous session.
In contrast, the Topix index, which tracks a wider array of companies, advanced 4.10 points to finish at 3,389.02, marking a 0.12 percent gain after touching a record intraday peak.
Currency markets saw the U.S. dollar maintain strength in the upper 156 yen zone throughout Tokyo trading hours. The depreciated yen bolstered shares of export-oriented companies, temporarily pushing the Nikkei benchmark above the 51,000 threshold, market observers noted.
Yet heavyweight technology stocks surrendered their morning advances and descended into negative territory as traders adopted a risk-averse stance. Market participants broadly anticipate the Fed will implement its third consecutive benchmark rate reduction during the upcoming policy meeting.
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