Japan Nikkei falls on profit taking, weak offshore lead

Japan share market finished session lower on Wednesday, 29 June 2022, snapping four days of winning streak, as investors locking in of gains on tracking Wall Street's overnight losses amid growing fears that central banks' measures to rein in inflation would push economies into recession.

At closing bell, the 225-issue Nikkei Stock Average dropped 244.87 points, or 0.91%, to 26,804.60. The broader Topix index of all First Section issues on the Tokyo Stock Exchange declined 13.81 points, or 0.72%, to 1,893.57.

Total 22 of 33 TSE sub-indexes ended in red, with Rubber Products, Mining, Marine Transportation, Glass & Ceramics Products, and Securities & Commodities Futures issues suffering the largest percentage losses. On the upside, Electric Power & Gas and Air Transportation issues enjoyed the largest percentage gains.

 

ECONOMIC NEWS: Retail sales rose 3.6% in May from a year earlier, government data showed on Wednesday. On a seasonally-adjusted month-on-month basis, retail sales advanced 0.6% in May, after a 1% growth in April.

Japan's consumer confidence index fell in June for the first time in three months, to 32.1 from May's 34.1, separate government data showed on Wednesday.

CURRENCY NEWS: The Japanese yen weakened past the 136 level against the dollar again, after strengthening and holding steady in the past few sessions. It last changed hands at 136.14.

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