The Japanese stock market is modestly lower in choppy trading on Monday after opening in the green, extending the losses in the previous two sessions, with the Nikkei 225 falling below the 32,600 level, despite the positive cues from global markets on Friday, dragged by weakness in technology stocks partially offset by gains in financial stocks.
The benchmark Nikkei 225 Index is down 49.32 or 0.15 percent at 32,557.52, after hitting a low of 32,410.31 earlier. Japanese shares ended sharply lower on Friday.
Market heavyweight SoftBank Group is gaining almost 2 percent, while Uniqlo operator Fast Retailing is edging down 0.5 percent. Among automakers, Honda is edging up 0.4 percent, while Toyota is edging down 0.3 percent.
In the tech space, Screen Holdings is losing more than 1 percent, while Tokyo Electron and Advantest are declining almost 3 percent each.
In the banking sector, Sumitomo Mitsui Financial is gaining more than 4 percent, Mitsubishi UFJ Financial is adding more than 3 percent and Mizuho Financial is advancing almost 2 percent.
The major exporters are mixed. Canon and Sony are edging up 0.1 to 0.2 percent each, while Panasonic is edging down 0.5 percent and Mitsubishi Electric is losing almost 1 percent.
Among other major losers, Sumitomo Realty & Development is losing more than 4 percent and Mitsui Fudosan is slipping almost 4 percent, while Mitsubishi Estate, Tokyo Tatemono, Renesas Electronics and Recruit Holdings are declining more than 3 percent each. Tokyu Fudosan Holdings and Mitsubishi Heavy Industries are down almost 3 percent each.
Conversely, Resona Holdings is gaining more than 5 percent, while Shizuoka Financial, Chiba Bank and Dai-ichi Life are adding almost 4 percent each. Fukuoka Financial is advancing more than 3 percent, while T&D Holdings, Concordia Financial, Sumitomo Mitsui Trust and Kansai Electric are up almost 3 percent each.
In economic news, the M2 money stock in Japan was up 2.5 percent on year in August, the Bank of Japan said on Monday – coming in at 1,238.6 trillion yen. That was steady from the July reading following an upward revision from 2.4 percent. The M3 money stock was up an annual 1.9 percent for the second straight month at 1,594.7 trillion yen, while the L money stock gained 2.2 percent on year to 2,121.1 trillion yen. The adjusted money stock was up 1.6 percent on year at 2,114.6 trillion yen.
In the currency market, the U.S. dollar is trading in the higher 146 yen-range on Monday.
On Wall Street, stocks gave back ground over the course of the trading session after an early move to the upside on Friday but managed to close modestly higher. The uptick on the day came on the heels of the downward trend seen over the past few sessions.
The major averages edged higher going into the close of trading. The Dow rose 75.86 points or 0.2 percent to 34,576.59, the Nasdaq inched up 12.69 points or 0.1 percent to 13,761.53 and the S&P 500 crept up 6.35 points or 0.1 percent to 4,457.49.
The major European markets also moved to the upside on the day. While the German DAX Index inched up by 0.1 percent, the U.K.’s FTSE 100 Index and the French CAC 40 Index climbed by 0.5 percent and 0.6 percent, respectively.
Crude oil prices climbed on Friday amid concerns about tightening oil supplies following Russia and Saudi Arabia’s decision last week to extend their supply cut to the end of the year. West Texas Intermediate Crude oil futures for October rose $0.64 or 0.7 percent at $87.51 a barrel.
Market Analysis
Japanese Market Modestly Lower
2023-09-11 02:23:51
