Tokyo stocks fall back on firmer yen, lower U.S. equities
Jiji PressTOKYO (Jiji Press) — Stocks fell back on the Tokyo Stock Exchange on Monday, hurt by the strengthening of the yen against the dollar and Friday’s weakness on Wall Street.
The 225-issue Nikkei dropped 135.04 points, or 0.60 percent, to close at 22,261.76. On Friday, the key market gauge climbed 45.68 points.
The TOPIX index of all First Section issues ended down 4.11 points, or 0.23 percent, at 1,759.65, after gaining 2.05 points the previous trading day.
Tokyo stocks stayed in negative territory for most of Monday, following the weakness of the dollar and U.S. equities due to uncertainty over Russia-linked allegations against U.S. President Donald Trump and over the course of U.S. tax reform, brokers said.
Ahead of Thanksgiving Day on Thursday, when the Tokyo market will also be closed due to a national holiday, investors remained inactive throughout Monday, reluctant to take new positions, brokers said.
The Nikkei briefly popped up into positive territory in the initial trading hour due to “buybacks after the opening price was higher than expected,” said Masayuki Otani, chief market analyst at Securities Japan Inc.
Rising issues outnumbered falling ones 1,263 to 700 in the TSE’s First Section, while 74 issues were unchanged.
Volume fell to 1,454 million shares from Monday’s 1,980 million shares.
In index futures trading on the Osaka Exchange, the key December contract on the Nikkei average plunged to 22,240.