Nikkei Falls 0.7%, Dragged Down by Chip and Metal Stocks
Japan's Nikkei Stock Index fell 0.7% (October 22) to 48,988.23, dragged down by chip and metal stocks, as profit-taking followed the recent surge in these stocks. SoftBank Group fell 8.3%, Advantest fell 2.8%, while Sumitomo Metal Mining fell 5.3% and JX Advanced Metals fell 4.5%. Meanwhile, automotive stocks rose thanks to a weaker yen and hopes for a fuel tax cut in Japan.
Toyota Motor rose 4.2% and Honda Motor rose 3.6%. The Topix index rose 0.2% to 3,255.47. USD/JPY was at 151.63, compared with 151.57 at the close of the Tokyo stock market on Tuesday. Investors are closely watching the details of newly elected Prime Minister Sanae Takaichi's policy moves. (asd)
Source: Newsmaker.id