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Tokyo Stocks Close Wednesday with Mixed Results
(MENAFN) Japanese equities delivered a split performance Wednesday as the headline Nikkei index retreated from its previous session's historic peak, though currency-driven demand for export-oriented stocks provided underlying support.
The Nikkei Stock Average, tracking 225 major issues, shed 427.30 points to close at 54,293.36—a 0.78 percent decline from Tuesday's finish. Meanwhile, the broader Topix benchmark climbed 9.74 points, advancing 0.27 percent to settle at 3,655.58.
Sector performance on the top-tier Prime Market showed sharp divergence, with nonferrous metal and mining stocks leading gains while service and information and communication sectors posted the steepest losses.
Trading began on a downward trajectory as market participants secured profits following Tuesday's dramatic surge that propelled the key Nikkei indicator upward by over 2,000 points. Yet downward pressure eased as weakening yen valuations triggered increased purchasing activity in export-dependent automotive stocks, cushioning the broader market decline.
The yen's depreciation against major currencies continued to benefit Japan's export sector, offsetting some of the post-rally profit-taking that dominated early trading sentiment.
The Nikkei Stock Average, tracking 225 major issues, shed 427.30 points to close at 54,293.36—a 0.78 percent decline from Tuesday's finish. Meanwhile, the broader Topix benchmark climbed 9.74 points, advancing 0.27 percent to settle at 3,655.58.
Sector performance on the top-tier Prime Market showed sharp divergence, with nonferrous metal and mining stocks leading gains while service and information and communication sectors posted the steepest losses.
Trading began on a downward trajectory as market participants secured profits following Tuesday's dramatic surge that propelled the key Nikkei indicator upward by over 2,000 points. Yet downward pressure eased as weakening yen valuations triggered increased purchasing activity in export-dependent automotive stocks, cushioning the broader market decline.
The yen's depreciation against major currencies continued to benefit Japan's export sector, offsetting some of the post-rally profit-taking that dominated early trading sentiment.
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