Muted Gains In Tokyo Stocks Ahead of Interim Dividends Payments

Akira Ito
10 Sep, 2024
Tokyo

Stocks in Tokyo advanced and recouped some of the losses in the previous session, and investors kept a close eye on the currency movement. 

Investors seeking interim dividend payments added exposure to companies announcing dividends, but overall market sentiment remained cautious. 

The Nikkei 225 stock average and the Topix index advanced 0.4%, and the yen edged slightly lower to 143.51 against the U.S. dollar. 

The Nikkei 225 plunged more than 6% in the previous week, tracking losses on Wall Street following the growing worries of an U.S. economic slowdown. 

However, market indexes rebounded this week after investors searched for bargains amid beaten-down tech and semiconductor stocks.

Investors also reviewed the latest update on China's international trade data for August, and exports rose more-than-expected to 8.7% to $308.7 billion and imports rose 0.5% to $217.6 billion. 

China's rising exports to the U.S., European Union, and ASEAN region are putting additional pressure on Japan's export competitiveness. 

Market sentiment has been cautious in Tokyo as the latest household spending, retail sales, and inflation data supported the case for the Bank of Japan to hike interest rates. 

 

Japan Stock Movers 

The Nikkei 225 stock average increased 0.4% to 36,347.80, and the Topix index gained 0.4% to 2,589.94. 

Tokyo Electron jumped 3.9% to ¥22,340.0, Advantest Corp. gained 1.9% to ¥5,924.0, and Screen Holdings added 3.7% to ¥9,920.0. 

Sumitomo Mitsui Financial Group added 1% to ¥9,069.0, Mitsubishi UFJ Financial Group advanced 0.5% to ¥1,450.0, and Mizuho Financial Group increased 0.04% to ¥2,839.50. 

Seven & I Holdings declined 0.1% to ¥2,183.50, Isetan Mitsukoshi gained 0.3% to ¥2,176.0, Aeon Co Ltd. added 1.5% to ¥3,917.0, and Fast Retailing fell 0.7% to ¥43,610.0. 

Toyota Motor added 0.1% to ¥2,503.0, Honda Motor inched lower 1.4% to ¥1,488.0, and Nissan Motor fell 1.2% to ¥403.30. 

Daiichi Sankyo Co. Ltd. plunged 8.5% to ¥5,275.0, and the company's lung cancer drug candidate failed to show significant improvement in some disease conditions.