|Published : 19 Apr 2017, 14:35:24|
Japanese stocks edge down in choppy trading
Japanese stocks edged down in choppy trade on Wednesday as geopolitical tensions soured investor sentiment.
The regional banking stocks underperformed as Japanese government bond yields fell to five-month lows.
The Nikkei 225 share average dropped 0.2 per cent to 18,380.81 in midmorning trade, after briefly flirting in positive territory earlier.
Regional banks Kita-Nippon Bank and Keiyo Bank both dropped 1.5 per cent.
But traders said that the Japanese market is seen hitting the bottom, and a sell-off seems to have been exhausted for the time being.
The toraku ratio, or up-down ratio, stood at 72.6 per cent as of Wednesday, moving away from 68 per cent hit on Monday, the lowest since February 2016.
Japanese companies will report their full-year earnings this month, and Yaskawa Electric Corp, which is scheduled to report the results on Thursday, is focused. The stock is up 0.3 per cent.
Exporters were mixed, with Toyota Motor Corp falling 1.0 per cent, Honda Motor Co shedding 1.1 per cent and Panasonic Corp rising 0.4 per cent.
Elsewhere, Yamato Holdings shed 3.6 per cent after the parcel delivery services provider cut its full-year earnings forecast for the year ending March 2018.
The broader Topix was flat at 1,471.44 and the JPX-Nikkei Index 400 declined 0.1 per cent to 13,177.92, according to Reuters.