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Japan Nikkei Falls to 2 Month Low before US Employment

The Nikkei index fell for the third straight session Friday in Tokyo, ending at a fresh two-month low on selling prompted by the dollar’s dive amid concerns over U.S. labor market conditions.

The 225-issue Nikkei Stock Average closed down 26.49 points, or 0.21 percent, from Thursday at 12,877.53, after sliding to as low as 12,548.20. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 13.82 points, or 1.29 percent, at 1,056.95.

Decliners were led by steel, tire and oil firms while gainers included real estate, utilities and consumer finance issues.

The Nikkei briefly fell more than 350 points, shedding most of the gains made since April 4, when the Bank of Japan unveiled aggressive monetary easing, which had driven the market to its highest level in about five years and five months of 15,627 in late May.

via Mainichi [1]

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Alfonso Esparza

Alfonso Esparza [6]

Senior Currency Analyst at Market Pulse [7]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza