Tokyo stocks close down 0.48pc

August 28, 2014 - 10:07:00 am

TOKYO: Tokyo stocks lost 0.48 percent Thursday, dragged down by a stronger yen as investors await the release of key US economic growth data later in the day.

The benchmark Nikkei 225 index eased 74.96 points to finish at 15,459.86, while the Topix index of all first-section shares fell 0.40 percent, or 5.18 points, to 1,280.74.

"There remains a lack of trading incentives, while the dollar is meeting resistance above the 104-yen mark, which invites profit-taking," said Hiroichi Nishi, general manager of equities at SMBC Nikko Securities.

The dollar greenback fetched 103.74 yen, weakening from 103.86 yen in New York.

A stronger yen works against Japanese exporters as it makes their products less competitive abroad and erodes repatriated profits.

The release of April-June growth figures will give fresh clues about the state of the world's number one economy, after preliminary data showed 4.0 percent expansion following a sharp contraction during the previous three months.

In share trading, Toyota fell 0.73 percent to 5,935.0 yen, Uniqlo clothing chain operator Fast Retailing shed 1.20 percent to end at 32,665.0 yen and Canon edged up 0.10 percent to 3,411.5 yen.

Japan Airlines rose 0.68 percent to 5,860.0 yen after the Nikkei business daily said the carrier would order 32 regional jets from Mitsubishi Aircraft for about $1.42 billion.

The deal, part of a bid to cut fuel costs by replacing an older domestic fleet, was reportedly set to be announced later Thursday. (AFP)



 



 

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