October 17, 2024 at 02:14 am EDT
(MT Newswires) -- Japanese shares fell on Thursday as hopes for fresh Chinese property market stimulus faded after a government briefing offered little new support.
The Nikkei 225 slipped 0.69%, or 269.11 points, to close at 38,911.19.
China's housing minister pledged to boost funding access for unfinished projects, while the central bank said lower down payments had lifted confidence and sales.
However, the absence of further measures failed to ignite optimism for a significant recovery in the debt-ridden property sector.
Seiji Adachi, a Bank of Japan board member, pointed to a skilled labor shortage and market uncertainty as major obstacles to corporate capital investment. He highlighted that 40% of companies were hesitant to invest due to unclear price trends.
In other economic news, Japan recorded a trade deficit of 294.34 billion yen in September, missing forecasts, as exports fell 1.7% to 9.038 trillion yen, hit by sharp declines in shipments to China, Oceania, and the EU.
The Tertiary Industry Activity Index for Japan dropped 1.1% month-on-month to 102.7 in August, though the unadjusted index rose 0.7% year-on-year to 101.2. Sectors such as healthcare and transport saw the largest drops, falling 2.4% and 3.1%, respectively.
On the corporate front, Kyokuto Securities (TYO:8706) posted a 10% rise in attributable profit to 2.62 billion yen for the six months ending Sept. 30, boosted by higher commissions, net trading income, and one-off gains from asset sales. Earnings per share increased to 82.28 yen from 74.77 yen a year earlier.
Japan Post's (TYO:6178) unit Toll is nearing a deal to acquire Regional Express' air ambulance business, Pel-Air, according to The Australian Financial Review.
Separately, Sono Hospitality Group became the second-largest shareholder in Air Premia after purchasing a 47.1 billion won stake from JC & Partner, Pulse News reported.
Sumber : MT Newswires
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