Oct 23, 2024 at 6:43 am GMT
Updates at 0600 GMT
TOKYO (Reuters) -Japan's Nikkei share average fell for a third straight session onWednesday as caution ahead of the country's upcoming lower house election results overshadowed any boost from a weaker yen.
The Nikkei .N225 closed 0.8% lower at 38,104.86, while the broader Topix . TOPX slid 0.55% to 2,636.96.
The losses came even asthe yen JPY=EBS weakened past the 152 per dollar level on Wednesday for the first time in nearly three months.
A softer yen tends to help exporter shares as it increases the value of overseas profits in yen terms when firms repatriate them to Japan.
"With a weaker yen, investors could become more positive about domestic stocks," said Seiichi Suzuki, chief equity market analyst at the Tokai Tokyo Intelligence Laboratory.
"But they stayed away from making active bets as they awaited the outcome of the general election. That capped today's gains and this trend will continue this week."
Prime Minister Shigeru Ishiba dissolved the lower house of parliament on Oct. 9, setting up the snap election on Oct. 27.
Local media reported that the ruling Liberal Democratic Party (LDP) and its coalition partner Komeito may lose their majority in the election.
Japanese stocks began the day marginally higher, but lost steam over the course of the trading day to reverse their gains.
A bright spot was Tokyo Metro 9023.T, whose shares shot up 44% in their market debut on Wednesday, closing at 1,739 yen ($11.42). Japan's largest initial public offering in six years netted it $2.3 billion with promises of generous dividends.
Within the Topix. TOPX , Toyota Motor 7203.T rose roughly 3% to become the top gainer. Honda Motor 7267.T closed up 2.2%.
Automakers ITEQP.T added 2.13%to become the best performer among the Tokyo Stock Exchange's 33 industry sub-indexes.
Among the Nikkei heavyweights, staffing agency Recruit Holdings 6098.T fell 4.93%and Uniqlo-owner Fast Retailing 9983.T slipped 1.67%.
Home interior goods retailer Nitori Holdings 9843.T, whose share prices are affected by a weaker yen as it imports most materials for its products from abroad, fell 2.81%.
Reporting by Junko Fujita; Editing by Sumana Nandy and Janane Venkatraman
Sumber : Reuters
powered by: IPOTNEWS.COM
