Japan Nikkei falls for fifth day

Japanese share market finished lower for fifth consecutive session on Wednesday, 24 August 2022, as investors continued offloading risk assets on concerned that upcoming economic symposium of central bankers in Jackson Hole, Wyoming, hosted by the U.S. Federal Reserve will underscore the central bank's ongoing commitment to its aggressive monetary policy to tackle inflation.

At closing bell, the 225-issue Nikkei Stock Average index declined by 139.28 points, or 0.49%, to 28,313.47. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped by 4.26 points, or 0.22%, to 1,967.18.

Tech stocks were hit hard, with Screen Holdings and Tokyo Electron losing 1-2%. Video game company Konami lost 2.8% and Nintendo fell 2.6%.

Energy stocks outperformed, with Inpex Corp adding 1.7%. Tokyo Electric jumped 10% after reports that the government wants to restart more nuclear reactors to avoid power shortages.

Olympus soared 2.7% after a report said Bain Capital was the frontrunner to buy its scientific optics unit for about 400 billion yen.

Toyota was down 0.4% after a report said it had backed down in a fight against California car emission rules.

Sumitomo Mitsui Financial Group was up 1% after a report said the banking group plans to start an online lending venture in the United States.

CURRENCY NEWS: The dollar fell to around mid-136 yen in Tokyo trading on Wednesday, weighed on by concerns over the U.S. economy and the Ukraine situation. At 5 p.m., the dollar stood at 136.54-55 yen, down from 137.27-28 yen at the same time Tuesday. The euro was at 0.9953-9953 dollars, up from 0.9933-9934 dollars, and at 135.91-91 yen, down from 136.35-36 yen.

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