Market Updates
The Yen's Weakness Raises Intervention Risk, Japan's Retail Sales Growth Accelerated In May
Akira Ito
27 Jun, 2024
Tokyo
Stocks in Tokyo struggled as investors remained focused on the persistent weakness in the yen.
The Nikkei 225 index fell 1%, and the broader Topix index dropped more than 0.4% as investors struggled to understand the long-term impact of the weaker yen.
The Bank of Japan is showing little urgency in supporting the faltering yen after the currency dropped to the lowest level since 1986.
Finance Minister Shunichi Suzuki issued a strongly worded warning against the sharp moves in the currency after the yen dropped to 160.87 against the U.S. dollar.
The yen has fallen 2% in June and declined 14% since the start of 2024 as the Bank of Japan struggles to retain its bond buying program and hold interest rates at 0.10%.
Japan's retail sales accelerated in May to a 3% annual pace from the revised 2.4% in April, the Ministry of Economy, Trade, and Industry reported Thursday.
On a monthly basis, seasonally adjusted retail sales rose 1.7% after rising 0.8% in the previous month.
Japan Stock Movers
The Nikkei 225 stock average declined 1% to 39,284.10, and the Topix index dropped 0.4% to 2,792.77.
Tech stocks were under pressure following the sharp moves in the yen.
Tokyo Electron, Advantest, and Screen Holdings declined between 0.5% and 3%.
Daiichi Sankyo, Japan Exchange Group, Sharp, and Daikin Industries declined 3%.
Banks were also under pressure but rebounded to close higher.
Mizuho Financial jumped 0.5%, Sumitomo Mitsui edged up 0.1%, and Mitsubishi UFJ added 0.8%.
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