Market Updates
Japan Stocks Lack Direction Amid Rate Path and Yen Uncertainties
Akira Ito
28 May, 2024
Tokyo
Stocks in Tokyo traded sideways amid ongoing interest rate jitters and uncertainty surrounding the Bank of Japan's policy response.
The Nikkei 225 and the Topix index edged lower in a choppy trading session as investors parsed comments from Bank of Japan Deputy Governor Shinichi Uchida.
On Monday, Deputy Governor Uchida suggested that Japan's persistent battle against deflation is nearing an end amid sustained price increases driven by the increase in energy prices and that estimated wages are likely to keep rising in the near future.
Moreover, investors also reviewed the latest comments from the European Central Bank's policymakers, suggesting that the first interest rate cut may be announced as early as next week after the next policy meeting.
The Japanese yen traded at 156.87 against the U.S. dollar in late afternoon trading in Tokyo as currency traders bet that the Bank of Japan will keep its accommodative stance intact amid the large rate gap between the U.S. and Japan.
Japan Stock Movers
The Nikkei 2225 Stock Average declined 0.1% to 38,864.32, and the Topix index advanced 0.1% to 2,768.73.
Technology stocks traded mixed, and Tokyo Electron, Advantest, and Screen Holdings declined, but Socionext and Renesas Electronics fell as much as 1.0%.
Financial stocks also traded mixed for the second session in a row, with Sumitomo Mitsui Financial and Mitsubishi Financial advancing 1% and Mizuho Financial falling about 0.8%.
Power generators and distributors led the gainers in Tokyo trading.
Toray Industries, Furukawa Electric, and Kansai Electric Power advanced between 3% and 7%.
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