Japan Stocks end mixed

Japan share market finished session mixed on Thursday, 09 June 2022, as gains in export-related shares driven by a cheaper yen helped offset pressure from falls on Wall Street overnight amid renewed worries about rising inflation, slowing growth and the outlook for interest rates. The downward revisions in global growth forecasts for the current year and 2023 by the World Bank and the Organization for Economic Cooperation and Development weighed as well.

At closing bell, the 225-issue Nikkei Stock Average advanced 12.24 points, or 0.04%, to 28,246.53. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 0.93 point, or 0.05%, to 1,969.05.

 

Total 21 of 33 TOPIX sectors ended the session lower, with Marine Transportation (down 7.8%), Securities & Commodities Futures (down 1%), Electric Power & Gas (down 0.9%), and Iron & Steel (down 0.9%) issues suffered the largest percentage losses.

Shares of exporters extended gain on the back of a weaker yen, with Honda edging up 0.4% and Toyota is gaining almost 1%. Screen Holdings added more than 3%, while Tokyo Electron and Advantest rose almost 3% each.

Shares of shippers suffered heavy losses, with Kawasaki Kisen Kaisha, Nippon Yusen K.K. and Mitsui O.S.K. Lines plunging almost 7% each.

ECONOMIC NEWS: Japan's economy shrank an annualized 0.5% in the first quarter, revised government data showed Wednesday an improvement over the initial estimate of a 1% contraction.

CURRENCY NEWS: The dollar stood at 133.75 yen, around a 20-year high and down from 134.29 yen overnight in New York

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