Tokyo Stocks Open Lower – UrduPoint

Tokyo stocks opened lower on Monday, following falls on Wall Street with investors awaiting Japanese and US central bank rate decisions this week

Tokyo, (UrduPoint / Pakistan Point News – 30th Oct, 2023) Tokyo stocks opened lower on Monday, following falls on Wall Street with investors awaiting Japanese and US central bank rate decisions this week.

The benchmark Nikkei 225 index was down 1.03 percent, or 319.29 points, at 30,672.40 in early trade, while the broader Topix index was down 0.93 percent, or 20.93 points, at 2,233.72.

The Bank of Japan will conclude a two-day policy meeting on Tuesday while the US Federal Reserve will make a rate decision on Wednesday.

Market consensus is that “the both banks won’t raise interest rates, but depending on messages from BoJ Governor (Kazuo) Ueda and Fed Chair (Jerome) Powell, speculation of higher rates could grow stronger,” said Masayuki Kubota, chief strategist at Rakuten Securities.

Higher rates weigh on stocks markets as they could weigh on economic growth, analysts said.

The BoJ is expected to revise up its inflation forecast, which could prompt “views that exit from the ‘unprecedented monetary easing’ is coming in sight” in financial markets, said Kubota.

Investors are also closely watching corporate earnings reports this week, analysts said.

The dollar fetched 149.75 yen in early Asian trade, against 149.65 yen in New York on Friday.

US shares mostly fell on Friday, with the Dow closing down 1.1 percent at 32,417.59 and the broad-based S&P 500 finishing 0.5 percent lower, while the tech-rich Nasdaq Composite Index added 0.4 percent.

In Tokyo, Panasonic was down 1.67 percent at 1,441.5 yen despite a report which said the electronics firm will likely report a record net profit for the nine months to September.

Hitachi soared 4.63 percent to 9,295 yen, after it revised up its full-year to March sales and profit forecasts.

Komatsu dived 6.34 percent to 3,456 yen, even after the construction machine maker revised up its sales and profits forecasts.

Among others, Toyota was down 2.71 percent at 2,567 yen, and SoftBank Group was off 1.35 percent at 6,057 yen, while Sony Group was up 0.66 percent at 12,200 yen.


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