Japan’s Nikkei 225 Slipped By Almost 3%, As Yen Strengthen Against US Dollar
Japan stocks were lower after the trading session on Monday, due to losses in the Railway&Bus, Services, and Rubber sectors and Yen strengthening against the US dollar.
Japanese Yen strengthened against the US dollar as signs show that the Bank of Japan will be removing interest rates at its policy meeting next week in contrast with expectations for the U.S Federal Reserve to cut rates in June.
Japan’s benchmark 10-year government bond (JGB) yield went up to a one-month high of 0.76% in early trade, due to the expectations of a narrowing gap in yields between Japan and the US which was supported by the Japanese Yen.
At this stage, Bank of Japan policymakers are now working on the idea of removing negative interest rates this month on expectations of hefty pay hikes this year.
Nikkei 225 index, on the other hand, declined by 2.19% closing at 38,820.49. This is Nikkei’s biggest daily decline since December 2022. In the past two weeks, Nikkei 225 has been bullish, reaching a new ATH twice.
During today’s trading session, top performers on the Nikkei 225 included Dai Nippon Printing Co. Ltd., going up by 5.79% to close at 4,550. Teijin Ltd., also went up by 3.87% closing at 1,367.50, while Sumitomo Dainippon Pharma Co Ltd. gained 2.79% closing at 369.
Today’s trading session’s worst performers included Mitsui Mining and Smelting Co., slipping by 7% to close at 4,277. Softbank Group Corp also went down by 6.04% closing at 8,625 while Toyota Tsusho Corp dropped by 5.59% closing at 9,411.
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