Japan Nikkei ends up on buybacks

Japanese share market finished subdued session mixed on Tuesday, 6 September 2022, as lingering worries over the outlook for interest rates and rising inflation was offset by bottom fishing following a four-day losing streak, while the Japanese yen's recent fall to a 24-year low against the U.S. dollar also prompted buying in some exporters.

At closing bell, the 225-issue Nikkei Stock Average index inclined by 6.90 points, or 0.03%, to 27,626.51. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 2.21 points, or 0.11%, to 1,926.58.

Total 20 of 33 TSE sub-indexes closed down, with Services, Marine Transportation, Electric Power & Gas, Air Transportation, Pulp & Paper, and Retail Trade issues being notable losers, while Precision Instruments, Iron & Steel, Nonferrous Metals, and Pharmaceutical issues were notable gainers.

 

Shares of Unitika surged 8.7%, even after the textile maker was announced to be excluded from the Nikkei 225 in a regular reshuffle. Maruha Nichiro fell 1% after the fishing company was excluded from the Nikkei, while Hoya jumped 2,7% after the eyeglass lenses maker was added to the index.

CURRENCY NEWS: The Japanese yen depreciated to upper 141 level against greenback to renew a 24-year weakness in Tokyo trading on Tuesday, as demand for safe haven currency dimmed amid sign of aggressive US monetary tightening. At 5 p.m., the dollar stood at 141.55-56 yen, up from 140.56-57 yen at the same time on Monday. The euro was at 141.19-19 yen, up from 139.31-33 yen.

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