Thursday, 25 July 2024

Nikkei ends at 3-week low due to higher yen


The Japanese Nikkei index closed at its lowest level in three weeks today, Friday, under pressure from the decline in shares of technology companies, while the sharp gains of the yen caused losses for car manufacturers.

According to “Reuters”, investors exercised caution before publishing monthly jobs data in the United States, which could provide indications about the position of the Federal Reserve (the US central bank) regarding raising interest rates.

The Nikkei index fell 1.59 to 27,777.90 points, the lowest closing level since November 10, and recorded a weekly loss of 1.59 percent.

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The Topix index fell 1.64 percent to 1953.98 points, after falling to 2.06 percent, which is the level that may prompt the Bank of Japan to intervene in the market. The index suffered a weekly loss of 1.64 percent

Japan’s shock victory over Spain in the World Cup soccer tournament on Thursday night led to a rise in shares of Cyber ​​Agent and the chain of bars (Hub).

The share of Cyber ​​Agent for social communication and online advertising, which broadcasts all the World Cup matches in Qatar through its Amoeba application, rose 3.95 percent, while the share of Hub jumped 7.03 percent.

Investors around the world are awaiting US non-farm payroll data, to be published on Friday, in search of indications that the peak of inflationary pressures has passed, which supports the statements of Reserve Chairman Jerome Powell this week that the time has come to reduce the pace of raising interest rates.

Mitsubishi Motors was the worst performer on the Nikkei index, falling 5.91 percent, while Nissan fell 2.98 percent and Toyota fell 1.38 percent.