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Japan shares fall on profit-taking after election, firmer yen

Published 15/09/2020, 04:21
© Reuters.
JP225
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TOPX
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7751
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6752
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6758
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9984
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4661
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IAIRL.T
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IRAIL.T
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ISTEL.T
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TOKYO, Sept 15 (Reuters) - Japanese shares dipped on Tuesday
as a stronger yen pressured exporters and investors booked
profits after a three-day rally in the run up to the ruling
party election, where Abe ally Yoshihide Suga was picked as the
new leader.
The benchmark Nikkei share average .N225 fell 0.56% to
23,427.30 by the midday break, having hit a fresh seven-month
high in the previous session.
The profit-taking came after Japan's Chief Cabinet Secretary
Yoshihide Suga, a long-time loyal aide of Prime Minister Shinzo
Abe, was chosen head of Japan's ruling party on Monday, all but
confirming he would replace Abe as prime minister on Wednesday.
The broader Topix .TOPX lost 0.68% to 1,639.80, with
highly cyclical iron and steel .ISTEL.T , airlines .IAIRL.T
and land transport .IRAIL.T being the three worst-performing
sectors on the main bourse.
Export-oriented firms slipped as the yen remained strong
against the dollar, staying close to a two-week high of 105.55
yen scaled the previous day.
Canon Inc 7751.T slipped 2.87%, while Panasonic Corp
6752.T fell 1.1%.
Data on Tuesday showed China's industrial output rose 5.6%
and retail sales gained 0.5% in August from a year ago, as the
world's second-largest economy tried to regain its footing from
the fallout of the coronavirus outbreak. The U.S. Federal Reserve's two-day meeting was also in
focus, as investors awaited clues on its monetary policy
outlook.
Oriental Land 4661.T dropped 1.12% after local media
reports said the Japanese operator of the Tokyo Disney Resort
would slash winter bonuses by 70%.
SoftBank Group 9984.T fell 0.64%, having marked its
biggest daily gain since late March in the previous session.
Sony Corp 6758.T skidded 1.67% after media reported the
company would reduce its PS5 production due to chip procurement
problems for the financial year.

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