Nikkei Down 0.4%, Pharma & Shipping Stocks Pressured
Japanese stocks opened lower on Friday morning, with the Nikkei Stock Average down 0.4% to 53,889.06. Initial market enthusiasm for news of a snap election began to subside, prompting investors to become selective and cautious at the start of the session.
The greatest pressure came from the pharmaceutical, shipping, and energy sectors. Chugai Pharmaceutical fell around 4.0%, Kawasaki Kisen fell 2.7%, while Inpex fell 2.3%—reflecting a sell-off in certain defensive stocks and issuers sensitive to global dynamics.
In the forex market, USD/JPY was at 158.54, relatively stable compared to the previous Tokyo close. Market participants are now monitoring the details of the snap election and awaiting responses from government officials regarding the recent weakening of the yen, as policy comments have the potential to trigger volatility in the stock and currency markets. (asd)
Source: Newsmaker.id