Nikkei falls as strong yen dents exporters, offsetting real estate sector gains
Reuters|
Jan 24, 2018, 12.50 PM IST
TOKYO: Japanese stocks fell on Wednesday as concerns over gains in the yen saw exporters lose further ground in afternoon trade and offset strength in real estate firms.
The Nikkei ended 0.8 per cent lower at 23,940.78, moving away from 24,129.34 hit on the previous day, the highest level since November 1991.
The dollar fell below the 110 yen threshold for the first time in four months, drawing selling interest in exporters whose earnings have been bumped up by a soft yen.
Fanuc Corp tumbled 3.7 per cent, Nintendo Co declined 1.9 per cent and Tokyo Electron shed 1.7 per cent.
Banking shares also lost ground, with Mitsubishi UFJ Financial Group down 2.1 per cent and Sumitomo Mitsui Financial Group off 1.9 per cent.
On the other hand, stocks sensitive to domestic-demand such as real estate companies soared. Mitsui Fudosan jumped 1.8 per cent and Mitsubishi Estate advanced 1.2 per cent.
The broader Topix shed 0.5 per cent to 1,901.23.
The Nikkei ended 0.8 per cent lower at 23,940.78, moving away from 24,129.34 hit on the previous day, the highest level since November 1991.
The dollar fell below the 110 yen threshold for the first time in four months, drawing selling interest in exporters whose earnings have been bumped up by a soft yen.
Fanuc Corp tumbled 3.7 per cent, Nintendo Co declined 1.9 per cent and Tokyo Electron shed 1.7 per cent.
Banking shares also lost ground, with Mitsubishi UFJ Financial Group down 2.1 per cent and Sumitomo Mitsui Financial Group off 1.9 per cent.
On the other hand, stocks sensitive to domestic-demand such as real estate companies soared. Mitsui Fudosan jumped 1.8 per cent and Mitsubishi Estate advanced 1.2 per cent.
The broader Topix shed 0.5 per cent to 1,901.23.
