Market Updates
Japan Indexes Drop 1% and Yen Weakens to 3-Month Low
Akira Ito
22 Oct, 2024
Tokyo
Market indexes dropped to a three-week low as investors awaited the start of the earnings season from leading corporations this week.
Moreover, general election uncertainty also weighed on the market sentiment.
The ruling LDP party is hoping to return to power with a smaller majority as the party scrambles to win the confidence of voters amid corruption scandals and the rising cost of living.
Wages in Japan have been stagnant for two decades, and the latest bout of inflation induced by the high cost of energy has also soured voters' moods.
The Japanese Trade Union Confederation, or Rengo, won wage increases of 5.17% at the end of successful negotiations in March 2024, and union leaders are targeting increases of a similar size in the next spring.
Japan Stock Movers
The Nikkei 225 stock average declined 1.4% to 38,411.96, and the broader Topix index dropped 1% to 2,651.47.
Mitsubishi UFJ Financial Group decreased 1.3% to ¥1,591.50, Mizuho Financial Group declined 1.2% to ¥3,141.0, and Sumitomo Mitsui Financial fell 1.3% to ¥3,160.0.
Seven & I fell 0.8% to ¥2,220.0, Fast Retailing decreased 3.2% to ¥51,430.0, and Isetan Mitsukoshi declined 0.1% to ¥2,213.0.
Tokyo Electron dropped 3% to ¥22,990.0, Advantest Corp. declined 2.7% to ¥7,960.0, and Lasertec Corp. fell 1.8% to ¥21,350.0.
Nippon Yusen Corp. gained 1.1% to ¥5,299.0, Mitsui O.S.K. Lines added 1.1% to ¥5,119.0, and Kawasaki Kisen Kaisha increased 0.6% to ¥2,174.0.
Annual Returns
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Earnings
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