Japanese shares finish decrease on stronger yen, worries about monetary system

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TOKYO — Japanese shares ended decrease on Friday, as a stronger yen raised considerations about denting home firms’ earnings, whereas traders continued to stay involved a few wider banking disaster.

The Nikkei index slipped 0.13% to shut at 27,385.25 and misplaced 0.19% for the week.

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The broader Topix edged down 0.10% to 1,955.32 and posted a 0.2% weekly loss.

“The stronger yen was the rationale for the decline out there as we speak, whereas traders are nonetheless assessing the turmoil within the banking sector ,” mentioned Shoichi Arisawa, basic supervisor of the funding analysis division at IwaiCosmo Securities.

Commercial 2

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The yen touched a six-week excessive in opposition to the greenback on Friday as merchants proceed to judge the U.S. Federal Reserve’s hints of a pause to rate of interest hikes.

Threat urge for food has been harm after the failure of U.S.-based Silicon Valley Financial institution and Swiss lender Credit score Suisse’s liquidity points raised considerations a few world monetary disaster.

Toyota Motor Corp fell 0.17% and Honda Motor Co Ltd misplaced 0.62%.

Uniqlo proprietor Quick Retailing misplaced 1.01% to tug the Nikkei down essentially the most. Medical tools maker Terumo Corp slipped 2.79% and robotic maker Fanuc Corp fell 0.76%.

Oil explorers fell 1.27% to change into the worst performers among the many 33 trade sub-indexes on the Tokyo Inventory Alternate after oil costs fell.

Financials had been weak, with the banking index slipping 0.77% and insurance coverage index shedding 0.93%.

Commercial 3

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Insurer Tokio Marine Holdings Inc fell essentially the most among the many prime 30 core Topix firms, with a 1.19% drop, adopted by Mitsubishi UFJ Monetary Group, which misplaced 1.10%.

Chipmaking tools maker Tokyo Electron gained 1.83% to offer the largest assist to the Nikkei index. Silicon-wafer maker Shin-Etsu Chemical rose 2.23%.

Toshiba Corp jumped 4.2% after its board accepted a buyout supply from a gaggle led by non-public fairness agency Japan Industrial Companions.

Of the Nikkei elements, 69 shares rose and 149 fell, whereas seven shares had been flat.

(Reporting by Junko Fujita; Modifying by Varun H Okay and Sonia Cheema)


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