|Published : 17 Apr 2017, 12:25:18|
Japanese stocks move closer to near five-month low
Japanese stocks edged down on Monday, moving closer to near five-month lows after the dollar fell on rising tensions over North Korea.
The exporters have been continuing to underperform on worries that a strong yen would eat into their earnings.
The Nikkei 225 share average fell 0.4 per cent to 18,266.49 in midmorning trade. If the benchmark index falls below 18,222.82, an intraday low hit on Nov 28, it will be the lowest since November 22.
Exporters lost ground, with Toyota Motor Corp shedding 1.4 per cent, Mazda Motor Corp stumbling 2.0 per cent and Panasonic Corp declining 1.0 per cent.
While the latest Bank Of Japan tankan survey showed that big manufacturers expect the dollar to average 108.43 yen for this fiscal year, the dollar traded at 108.14 yen on Monday.
Financial shares also took a hit after the yield on 10-year US Treasury notes fell 14 basis points, for the biggest weekly decline since January 2016.
Mitsubishi UFJ Financial Group shed 1.2 per cent, Dai-ichi Life Holdings declined 1.5 per cent and T&D Holdings tumbled 1.8 per cent.
The broader Topix shed 0.3 per cent to 1,455.46 and the JPX-Nikkei Index 400 declined 0.3 per fect to 13,049.04, according to Reuters.