Japan Stocks Fluctuate as Banks Gain on Yields; Exporters Fall
Japanese stocks fluctuate between gains and losses on the last trading session of the year in Tokyo as higher US yields supported banks, while a slump on Wall Street weighed on exporters.
Topix rose 0.1% to 2,803.91 as of 9:30 a.m. Tokyo time
Nikkei 225 declined 0.3% to 40,141.08
Mitsubishi UFJ Financial Group contributed the most to the Topix’s gain, increasing 1.4%. Out of 2,124 stocks in the benchmark index, 1,231 rose and 730 fell, while 163 were unchanged.
“US stocks are falling, led by technology stocks, due to profit-taking after the large annual gains and the impact of rising interest rates, and Japanese stocks in the morning are likely to follow this trend,” said Shoji Hirakawa, chief global strategist at Tokai Tokyo Intelligence Lab.
“However, rising US interest rates indicate that the US economy is firming up, and this will be a tailwind for Japan’s economy-sensitive stocks,” he said.
Tokyo’s stock market will be closed from Tuesday for year-end holidays and reopen on Jan. 6.
Source : Bloomberg
