Market Updates
Japan Indexes Extended Weekly Losses, Household Spending Inched Higher
Akira Ito
07 Jun, 2024
Tokyo
Benchmark indexes in Tokyo traded in a tight range as investors digested the latest update on household spending and foreign reserves.
The Nikkei 225 and the Topix ranged between small gains and losses amid weak market sentiment, and foreign investors stayed on the sidelines ahead of the release of the U.S. nonfarm payroll data later in the day.
More than 55% of daily trading in Tokyo originates from foreign institutions.
On the economic front, Japan's household spending in April rose 3.4% in nominal terms and edged up 0.5% in real terms after adjusting for inflation.
Real household spending rose for the first time since February 2022, after wage gains accelerated and broadened to small and medium-sized enterprises.
Japan Stock Movers
The Nikkei 225 Stock Average decreased 0.3% to 38,642.35, and the Topix index fell 0.2% to 2,752.17.
For the week, the Nikkei 225 index is set to close down 0.7% and the Topix index to decline 1.8%.
Tech stocks struggled in Friday's trading, and Tokyo Electron, Advantest, and Screen Holdings fell between 0.1% and 1.7%.
However, Lasertec soared 4.5% to ¥36,220.0.
The Japanese yen traded in a tight range and recovered to 155.65 against the U.S. dollar, and the yield on the 10-year Japanese government bond hovered near 0.97%.
Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho Financial declined 1%.
Shionogi & Co. plunged 12.9% to ¥36,220.0 after the company's latest report detailing its pipeline of research and development projects disappointed investors.
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