Japan Stocks Head Lower as Yen Strengthens

Japanese stocks fell, with the Topix index headed for the first loss in five days, after the yen strengthened against the dollar as weak U.S. retail sales data added to signs the world’s biggest economy is slowing.

SKY Perfect JSAT Holdings Inc. tumbled 7.5 percent, the most on the Nikkei 225 Stock Average, after the broadcaster forecast net income that missed estimates. Takata Corp. slid 3.5 percent after Japan’s biggest carmakers said they would expand a recall because of Takata’s faulty air bags. Toshiba Corp. gained 2.6 percent after estimating a 50 billion yen ($420 million) reduction in operating profit for its last three fiscal years from an accounting probe, easing concerns of a larger impact.

The Topix lost 0.5 percent to 1,595.90 at the trading break in Tokyo, with about twice as many shares falling as rising. Volume on the measure was about 17 percent above the 30-day intraday average. The Nikkei 225 slid 0.6 percent to 19,656.28.

Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.