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Tokyo stocks close flat amid concerns about US recession

Tokyo, June 23 (Xinhua)-Tokyo stocks end almost flat on Thursday’s volatile trading as transportation problems have risen from expectations of rising demand, despite heavy concerns over the US growth outlook. rice field.

The Nikkei Stock Average of 225 stocks rose 21.70 points (0.08%) from Wednesday, closing at 26,171.25.

Meanwhile, the broader Tokyo Stock Price Index fell 0.91 points (0.05%) to close at 1,851.74.

Local brokers are worried that the Fed’s continued move to raise interest rates to tackle inflation could put the world’s largest economy in recession, and the market is heading all day long. Said it was lacking.

Federal Reserve Chair Jerome Powell said yesterday that the central bank is determined to tackle rising inflation by raising key interest rates. Powell acknowledged that the Fed’s aggressive policies could lead to a recession, but this was not the bank’s intention.

Shuji Hosoi, a senior strategist at Daiwa Securities, said, “Japan is in a different position when the global market is facing rising interest rates and a recession.”

Market strategists here said that now that all eyes are on the United States, the potential recession caused by the Fed’s rate hikes will affect Japan’s export demand.

“Currently, foreign investors are more focused on US factors, such as inflation and what happens to the economy, than what is happening in Japan,” said Yutaka Miura, senior technical analyst at Mizuho Securities. Said. I’m saying

“Foreign investors make up the majority of investors in the Japanese market, so if the domestic market is not stable, we cannot buy stocks with confidence,” Miura said.

By the end of play, air transportation and food issues made up the most gained, but mining and non-ferrous metals led the decline in the prime market.

After Japan and South Korea announced that they would resume flights between Tokyo and Seoul next week for a pandemic for the first time in two years, traffic problems have shown their favor in hopes of increased sponsorship.

As a result, Japan Airlines rose 1.9% and ANA Holdings rose 2.0%.

Beverage makers rose 2.6% at Sapporo Holdings and 2.3% at Asahi Group Holdings. Meanwhile, Kirin Holdings closed at 1.3% higher.

Pharmaceutical company Shionogi fell 5.6% after a delay in urgent approval of the pharmaceutical company’s oral COVID-19 drug.

Sumitomo Metal Mining was another notable loser who had the worst performance of Nikkei, plunging 6%.

In the prime market on Thursday, 1082.29 million shares were in hand, down from 1,111.33 million shares on Wednesday, with issuance surpassing the 1,100 decline and rising to 668, but 70 ended unchanged. did.

Sales on the penultimate trading day were 2,652,820 million yen (US $ 19.56 billion).

Tokyo stocks close flat amid concerns about US recession

Source link Tokyo stocks close flat amid concerns about US recession

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