Tokyo Shares Open Lower – UrduPoint

Tokyo, (APP – UrduPoint / Pakistan Point News – 1st May, 2024) Tokyo stocks opened lower Wednesday after falls on Wall Street while investors awaited the Federal Reserve’s decision and future guidance on US interest rates.

The benchmark Nikkei 225 index fell 0.75 percent, or 288.70 points, to 38,116.96 in early trade, while the broader Topix index lost 0.67 percent, or 18.44 points to 2,724.73.

“Amid the toxic brew of data, bullish sentiment took a severe hit as a hotter-than-expected US employment cost index, the Federal Reserve’s preferred gauge of wage inflation, potentially dashed hopes for any rate cuts in 2024,” Stephen Innes of SPI Asset Management said.

The Dollar stood at 157.76 yen, against 157.80 Yen seen in New York on Tuesday.

Observers speculate that a surge in the yen on Monday came on the back of an intervention by authorities after it hit a fresh 34-year low of 160.17 yen per dollar.

Among major shares in Tokyo, SoftBank Group sagged 1.31 percent to 7,811 yen, Sony Group dipped 0.07 percent to 13,075 yen and Toyota slid 1.04 percent to 3,600 yen.

Uniqlo operator Fast Retailing trimmed 1.34 percent to 40,990 yen.
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