Tokyo stocks close down 1.00pc

August 05, 2014 - 9:22:27 am

TOKYO: Tokyo stocks closed down 1.00 percent on Tuesday, extending their losing streak to the fourth straight day and giving up early gains driven by a positive session on Wall Street.

The benchmark Nikkei 225 index lost 154.19 points to 15,320.31, while the Topix index of all first-section issues lost 0.99 percent, or 12.66 points, to 1,263.53.

The focus is now whether US stocks will fall more amid concerns over the Federal Reserve's shifting away from its ultra-easy policy, said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management.

US stocks rose Monday, recovering some ground lost last week when the S&P 500 notched its biggest weekly decline since mid-2012.

The Dow Jones Industrial Average rose 0.46 percent, while the S&P 500 rose 0.72 percent.

Takashi Hiratsuka, a trading group leader at Resona Bank's asset management division, said the Japanese stock market was driven by individual earnings.

The overall market is still benefiting from a low-interest rate policy from the Bank of Japan, but he is anticipating less of a boost from monetary policy that could change the trading ranges significantly, he said.

In such conditions, individual companies and analyses of them will dictate trading, he said.

Rakuten closed up 3.19 percent at 1,325.0 yen after it said half-year revenue at its online shopping site increased.

Toyota added a shade 0.01 percent to 6,042.0 yen before it announced its net profit in the three months through June rose 4.6 percent to $5.7 billion, largely thanks to cost-cutting and a weak yen.

In currency trading, the dollar slipped to 102.49 yen in Tokyo afternoon trade from 102.56 yen in US trade Monday.  (AFP)