Japan’s Nikkei slips as BOJ hike timing weighed; chips drop

JAPAN-STOCKS/CLOSE (CORRECTED):CORRECTED-Japan's Nikkei slips as BOJ hike timing weighed; chips drop

Reuters
First Published29 May 2024
Japan's Nikkei slips as BOJ hike timing weighed; chips drop
Japan’s Nikkei slips as BOJ hike timing weighed; chips drop

By Kevin Buckland

TOKYO, - Japan's Nikkei share average edged lower on Tuesday as investors weighed the likely timing of further Bank of Japan policy tightening, while chip-related stocks retreated after last week's gains.

The Nikkei slipped 0.11% to 38,855.37 as of the close, although winners and losers were balanced, with 120 stocks rising versus 101 that fell, with four flat.

The broader Topix rose 0.08%, with an index of growth shares sliding 0.37%, while value shares added 0.50%.

Nomura Securities strategist Maki Sawada said that considering the yen and domestic bond yields were little changed in the latest session, and U.S. markets were shut for a holiday on Monday, "in an environment like this, movements in the Nikkei are likely to be blunted."

The BOJ's next policy-setting gathering is scheduled for June 13-14, and investors are wary of a hawkish outcome as a weakening currency has seen officials including Governor Kazuo Ueda take more hawkish stances.

Banking shares continued their rally on the prospect of higher interest rates buoying profits from lending and investing. The Topix banking index added 1.47% to reach the highest since December 2007.

Utilities were another bright spot, led by Furukawa Electric's jump of more than 9%. Kansai Electric advanced 5.50%.

At the other end, chip-sector shares, which rose after Nvidia's bullish earnings last week, took a step back.

Chip-testing equipment manufacturer Lasertec was both the biggest points drag on the Nikkei and the biggest percentage decliner with a 3.19% slide. Peer Advantest, which counts Nvidia as a customer, declined 0.92%.

This article was generated from an automated news agency feed without modifications to text.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
HomeNewsworldJapan’s Nikkei slips as BOJ hike timing weighed; chips drop

Most Active Stocks

Bharat Electronics

309.55
10:29 AM | 14 JUN 2024
8.6 (2.86%)

Indian Oil Corporation

170.30
10:25 AM | 14 JUN 2024
1.2 (0.71%)

HDFC Bank

1,597.45
10:28 AM | 14 JUN 2024
16.55 (1.05%)

State Bank Of India

840.20
10:29 AM | 14 JUN 2024
-3.7 (-0.44%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

JK Paper

490.70
10:25 AM | 14 JUN 2024
44.35 (9.94%)

KRBL

310.05
10:22 AM | 14 JUN 2024
23.05 (8.03%)

Poly Medicure

2,003.00
09:59 AM | 14 JUN 2024
142.9 (7.68%)

KEC International

935.20
10:25 AM | 14 JUN 2024
66.25 (7.62%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    73,806.00577.00
    Chennai
    73,806.00148.00
    Delhi
    73,735.00291.00
    Kolkata
    73,088.00-141.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    99.84/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    103.94/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanGet App