Japan’s Stocks Fall as Insurers and Technology Names Decline
Japan’s equities declined as a slump in insurance and technology companies weighed on the market. Lower commodity prices pressured trading firms and oil refiners, with activity muted before key central bank decisions this week in Japan and overseas.
The Topix Index fell 0.3% to 2,738.33 at market close.
The Nikkei was virtually unchanged at 39,457.49.
Tokio Marine Holdings contributed the most to the Topix’s loss, decreasing 2.3%. Trading firms such as Itochu and Mitsubishi were also among the decliners. Out of 2,126 stocks in the index, 796 rose and 1,232 fell, while 98 were unchanged.
Investors were bracing for the outcome of a series of central bank meetings this week including the Federal Reserve, the BOJ and Bank of England. Some investors were expecting a hawkish rate cut by the Fed.
The yen depreciated more than 2% last week against the dollar as expectations of a BOJ rate hike this week retreated. Japan’s currency weakened slightly in Asia on Monday.
Source : Bloomberg
