Nikkei slips as yen strengthens

Dhaka,  Sun,  04 December 2016
Published : 28 Nov 2016, 12:28:13

Nikkei slips as yen strengthens

Nikkei slips as yen strengthens
Japan's Nikkei share average slips on Monday morning, snapping a seven-day winning streak as investors took profits from its recent gains after the yen strengthened against the dollar.

The Nikkei dropped 0.8 per cent to 18,243.33 in midmorning trade after rising 4.0 per cent in the last seven sessions.

The benchmark index has risen 12 per cent since US election, which triggered a spike in Treasury yields on heightened expectations of increased fiscal spending and inflation.

But traders say that such expectations may have peaked, peaking, with investors closely focused on a meeting of members of the Organization of the Petroleum Exporting Countries (OPEC) this week.

The dollar fell 1.2 per cent to 111.89 yen following its rise to an 8-month high of 113.900 last week.

Exporters, which rose recently on hopes the weaker yen would boost their earnings, languished. 

Toyota Motor Corp shed 0.8 per cent, Nissan Motor Co declined 1.0 per cent and Hitachi Ltd dropped 1.6 per cent.

Crude oil has slumped amid uncertainty over whether OPEC would reach an output deal, hurting mining stocks.

Inpex Corp tumbled 1.8 per cent, while Japan Petroleum Exploration Co dived 3.0 per cent.

Bucking the weakness, Canon Inc gained 1.8 per cent after the company said it will pay an dividend of 75 yen for the fourth quarter through December, making the total annual dividend payout 150 yen.

The broader Topix dropped 0.3 per cent to 1,460.16, snapping an 11-day winning streak.

The JPX-Nikkei Index 400 shed 0.3 per cent to 13,104.21, according to a news agency report.

-SRS-
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