Nikkei Stock Average Slips 41.84 Yen, Speculation on Bank of Japan Policy Shift

On February 29th, the Nikkei Stock Average closed at 39,166.19 yen, down 41.84 yen from the previous business day. The photo was taken in October 2020 at the Tokyo Stock Exchange in Tokyo (2024 Reuters/Kim Kyung-Hoon)

TOKYO (Reuters) – On the Tokyo stock market, the Nikkei Stock Average continued to fall, dropping 41.84 yen from the previous trading day to 39,166.19 yen. There were signs of an adjustment at one point due to the decline in U.S. stock prices and speculation that the Bank of Japan would normalize its policy, but in the latter part of the session, there were scenes where the decline narrowed and the stock turned positive, raising awareness of its solidity.

The Nikkei Stock Average, after dropping 272 yen, widened its decline and at one point fell by 331 yen to 38,876.81 yen. High-tech stocks, such as those related to semiconductors, which had been leading the rise in stock prices, were weak, pushing down the index.

The dollar/yen pair fell to the high 149 yen level as it was reported that the Bank of Japan’s Hajime Takada, a member of the Bank of Japan’s Council, said that despite economic uncertainty, “we are finally in a situation where we can see the achievement of the 2% price target.” I was also disgusted. It was also the end of the month, so profit-taking selling took place.

On the other hand, although there were concerns about rebalance selling at the end of the month, the stock was supported by pushback buying at a level below 39,000 yen. In the latter part of the market, the price briefly turned positive and rose by 42 yen.

In the market, “We are seeing a cyclical trend in which small-sized stocks are being bought along with large-sized ones, so it can be said that the market is healthy.We should continue to keep our focus on the upward direction.” (Naoki Fujiwara, senior fund manager at Shinkin Asset Management Investment Trust) said. Ta.

TOPIX closed 0.03% higher at 2,675.73 points. The TSE Prime Market Index rose 0.03% from the previous business day to 1,377.1 points. The buying and selling value in the prime market ballooned to 6,040,391 million yen. Of the 33 industries on the TSE, prices rose in 16, including shipping, retail, and mining, while prices fell in 17, including electricity and gas, steel, and non-ferrous metals.

Seven & i HLDG (3382.T), opens new tab, Toyota Motor Corporation (7203.T), opens new tab have updated their highest prices since last year. Mitsubishi UFJ FG (8306.T), opens new tab is solid. On the other hand, SoftBank Group (9984.T), opens new tab and Fanuc (6954.T), opens new tab were weak. In the emerging stock market, the Tokyo Stock Exchange Growth Market 250 Index fell by 0.94% to 772.39 points. On its second day of listing, Hikari Food Service (138A.T), opens new tab’s opening price was 5,850 yen, 2.1 times the public price. The stock subsequently closed at 6,260 yen, higher than the initial price.

Regarding the number of rises and falls in the TSE prime market, 692 issues rose (41%), 927 issues fell (55%), and 38 issues remained unchanged (2%).

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2024-02-29 10:41:25
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