Japanese stocks drop

Dhaka,  Tue,  22 August 2017
Published : 17 May 2017, 11:50:31

Japanese stocks drop after weak US data

Japanese stocks drop
Japanese stocks dropped on Wednesday morning after the dollar eased against the yen on weak US economic data, while financials stocks underperformed hit by lower US yields.

The Nikkei shares average fell 0.5 per cent to 19,817.68 in mid-morning trade.

The dollar skidded 0.5 per cent to one-week lows against its perceived safe-haven Japanese counterpart and last stood at 112.56 yen.

US housing starts dropped 2.6 per cent to a seasonally adjusted annual rate of 1.17 million units, the lowest since November.

Dai-ichi Life Holdings stumbled 4.0 per cent, Sompo Holdings dropped 1.8 per cent, while Mizuho Financial Group languished 2.4 per cent.

Domestic-demand-sensitive stocks, such as utility and food shares, gained as investors stayed defensive. Tokyo Gas climbed 2.3 per cent, and Ajinomoto and Japan Tobacco both rose 1.3 per cent.

The broader Topix shed 0.4 per cent to 1,577.34 and the JPX-Nikkei Index 400 declined 0.5 per cent to 14,073.42, according to Reuters.
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