Japanese Shares Reverse Early Gains
The Nikkei 225 Index fell 0.16% to close at 36,159 while the broader Topix Index lost 0.12% to 2,577 on Tuesday, reversing gains from earlier in the session as investors turned cautious ahead of key US inflation figures that could influence the Federal Reserve's interest rate decision next week.
A hawkish outlook on Bank of Japan monetary policy which drove the yen's rally since mid-July and triggered a major unwinding of yen carry trades also continued to pressure domestic equities. On the data front, Japan's Q2 GDP growth was revised lower, although latest figures pointed to rising wages and persistent inflationary pressures.
In corporate news, Daiichi Sankyo plunged 8.6% after the Japanese pharmaceutical's experimental drug, developed jointly with AstraZeneca, showed no significant improvement during trials in lung cancer patients. Other notable decliners include Fast Retailing (-0.6%), Mercari (-1.2%) and Nippon Tel (-2.6%).
Source : Trading Economics
