Japan Stocks Declined On Profit-Taking And Strong Yen
Japan stocks declined Thursday as investors sold issues which gained recently for profit-taking. Also strong yen led investors sell export-oriented issues such as Toyota and Honda.
Review: Meet Me at the Xbox ArcadeThe Nikkei 225 Stock Average fell 159.22 points, or 1.1%, to 13,943.26 after recovering to the 14000-level last week. The Topix index of all the Tokyo Stock Exchange First Section issues decreased 20.33 points, or 1.5%, to 1372.95. Among all the TSE first section issues, 744 increased and 846 decreased. The trading volume reached 1,875.35 million stocks or 2,241.7 billion yen. The Japanese currency is being traded in the level of first half of 104 yen per a U.S. dollar.
Financial issues such as Mitsubishi UFJ Financial Group and Mizuho Financial Group dropped on overnight U.S. counterparts' drops. Also rubber and chemical stocks decreased because of high record price of New York crude oil futures last night while agriculture and fisheries issues gained by buy-back.
Traders said, "The trend of Japanese market is still going upward although there is possibility to go downward because of declines of U.S. financial issues," according to Kabushiki Shimbun. It is expected that Japanese GDP date to be reported next week show strength of national economy.
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