Japan Stocks Turn Lower

Japan Stocks Turn Lower by Andrew Blumer last updated on July 10, 2024

Japan Stocks Turn Lower, Nikkei 225 Lost 2.01%

The majority of the Japanese stocks turned lower by the end of Monday's session, with sectors like banking, steel, & transportation leading the charge.

By the end of Tokyo's session, the Nikkei 225 index tumbled by 2.01%, which shows the presence of bears in the market. It appears that the recent decision of the Bank of Japan to maintain the rates at current levels was not taken well by the market players.

Major Japanese Stocks Tumble On Monday

While most of the Nikkei 225 participants closed in red, some gained, such as Taiyo Yuden Co., Ltd. (TYO:6976) and Sumitomo Dainippon Pharma Co Ltd (TYO:4506). The first one gained 2.97%, while the second one added 2.05% for the day.

look at the worst performers shows Trend Micro Inc. (TYO:4704) took the first position with a 6.08% gain, or around 425 points. Similarly, Ricoh Co., Ltd. (TYO:7752) shed 86 points and lost around 5.96% by the end of the trading session.

Tatemono Co., Ltd. (TYO:8804), which is another big stock from Japan, shed 139.50 points which is equivalent to 5.49%.

Overall, the number of falling stocks was far higher than the ones that registered gains and thus made the Nikkei 225 go down by 2.01%. A look at the Nikkei volatility index showed that it has gone down by 5.01% which has sent it towards the 16.29.

While the Japanese stocks have gone down, the Japanese Yen has gone up by 0.01% and is trading near 157.39. Similarly, the EUR/JPY trades near 168.35 with a -0.06% change. Overall, the JPY has the upper hand against its peers, such as the EUR and the USD.

Meanwhile, the USD index futures are up by 0.07% for the day as they trade near 105.24. The bottom line is that Monday's session was not so fortunate for the stock markets, but the JPY remains well bid.

The upside in the JPY will be well received by the BoJ officials, who keep trying to support the JPY by any means whatsoever.