Japanese Stocks Fall on Profit-Taking Ahead of US PCE Report
Japanese stocks fell on profit-taking before the release of personal-consumption-expenditure data in the US.
Topix Index fell 0.5% to 3,075.18 as of 3:30 p.m. Tokyo time
Nikkei declined 0.3% to 42,718.47.
“Investors are cautiously checking the US economic indicators in the run-up to a possible US rate cut in September,” said Naoki Fujiwara, a senior fund manager at Shinkin Asset Management.
Selling spread across a broad range of sectors, hitting exporters such as makers of electronics and cars, as well as banks and insurers. Toyota Motor contributed the most to the Topix decline, decreasing 1.6%. Out of 1,680 stocks in the index, 651 rose and 969 fell, while 60 were unchanged.
Bucking the trend, trading companies extended gains after Warren Buffett’s Berkshire Hathaway raised its stakes. Separately, Japan’s cable company shares such as Furukawa Electric and Fujikura rose after ministry data for July showed showed an increase in optical fiber shipments.
“Japanese stocks have shown signs of overheating due to the rapid pace of gains in August, and valuations have also become somewhat elevated,” said Kiyoshi Ishigane, an executive fund manager at Mitsubishi UFJ Asset Management. He forecasts a slowdown in indexes through September and October.(ayu)
Sumber: Newsmaker.id
