Tokyo stocks close lower on stronger yen | Fin24
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Tokyo stocks close lower on stronger yen

Jun 21 2019 10:21

Tokyo stocks closed lower on Friday as a firmer yen overwhelmed positive sentiment from rallies on Wall Street.

The benchmark Nikkei 225 index lost 0.95% to 21 258.64, for a weekly gain of 0.67%, while the broader Topix index ended down 0.90% at 1 545.90 to slip 0.05% since last Friday.

"Despite support from central bankers' attitudes of easing monetary policy and expectations of progress in the US-China relations, strengthening of the yen is weighing on the market," Resona Bank said in a commentary.

The S&P 500 finished at a record high Thursday, boosted by a rally in oil-linked shares amid new US-Iran tensions and continued positive sentiment over the Federal Reserve's dovish tilt.

The dollar fetched ¥107.22 in Asian trade, down slightly from ¥107.27 in New York and from ¥107.56 in Tokyo on Thursday.

In Tokyo, banks were among losers, with Mitsubishi UFJ Financial trading down 0.70% at ¥503.7 and Sumitomo Mitsui Financial down 0.55% at ¥3 754.

Oil-linked shares climbed amid rising US-Iran tensions, with crude and natural gas developer Inpex jumping 4.44% to ¥999.3 and Japan Petroleum Exploration soaring 3.73% to ¥2 507.

Japan's core consumer price inflation index, excluding fresh food, was up 0.8% year-on-year in May, according to data issued by the internal affairs ministry 30 minutes before the opening bell.

The reading, down 0.1 percentage point from the figure in April, was in line with market expectationa and far below the Bank of Japan's two-percent inflation target.

On Wall Street, the Dow ended up 0.9% at 26 753.17, while the S&P closed up 1.0% at a fresh record at 2 954.18.

equities  |  markets  |  tokyo stocks


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