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Budget News

  • Japan Nikkei extends losses
  • October 13,2021  15:34
  • Japan stock market finished lower for second straight session on Wednesday, 13 October 2021, as risk aversion selloff continued on tracking weak lead from Wall Street overnight amidst uncertainty about the outlook for the markets due to global energy crunch fuelled inflation fears and concerns about the Federal Reserve scaling back stimulus as early as next month. The market decline was also affected by the International Monetary Fund (IMF) downgrade assessment of Japan's economic growth in its forecast for 2021 on Tuesday.

    At closing bell, the 225-issue Nikkei Stock Average fell 90.33 points, or 0.32%, to 28,140.28. The broader Topix index of all First Section issues on the Tokyo Stock Exchange declined 8.85 points, or 0.45%, to 1,973.83.

    Trading volume turnover on the main section stood at 1.11 billion shares worth 2.40 trillion yen, as compared yesterday's volume turnover of 1.13 billion shares worth 2.56 trillion yen.

    Total 27 of 33 industry groups ended lower along with the Topix, with worst performing issues were Marine Transportation (down 3.3%), Iron & Steel (down 1.66%), Rubber Products (down 1.33%), Banks (down 1.2%), and Insurance (down 1.2%), while best performing sectors included Real Estate (up 1.05%), Fishery, Agriculture & Forestry (up 0.6%), Construction (up 0.4%), and Foods (up 0.3%).

    Shares of steelmakers and shipping companies were lower, affected by a downbeat global growth outlook released Tuesday by the International Monetary Fund. Nippon Steel sank 2.2%, with rival JFE Holdings dropping 1.7%. Mitsui O.S.K Lines slipped 3.7% and Kawasaki Kisen declined 3.6%.

    Shares of Apple Inc. suppliers decreased following reports that the U.S. tech giant may reduce production of the iPhone 13 due to shortages of semiconductors. Alps Alpine went down 1.7%, and Taiyo Yuden plunged 6.1%.

    CURRENCY NEWS: The dollar was trading around mid 113 yen level in Tokyo trading on Wednesday. The dollar stood at 113.57-57 yen, up from 113.28-29 yen on Tuesday. The euro was at 131.18-19 yen, up from 130.91-92 yen.

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