Japan's Nikkei Stock Average Alls as US Stock Futures Decline, Stronger Yen Weighs

Yomiuri Shimbun

a day ago

Reuters
The Tokyo Stock Exchange
TOKYO, June 12 (Reuters) – Japan's Nikkei share average fell on Thursday, as a stronger yen prompted a sell-off of exporters, while declines of U.S. stock futures hurt sentiment.
As of 0200 GMT, the Nikkei .N225 was down 0.7% at 38,154.95. The broader Topix .TOPX slipped 0.38% to 2,778.25.
'Investors sold Japanese equities as they bet Wall Street would be weak again later in the day, after seeing declines of U.S. stock futures in Asia hours,' said Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Intelligence Laboratory.
'But the Nikkei closed above the 38,000 level for a fourth consecutive day, it seems that the index has cleared the first hurdle for further gains,' said Suzuki.
The S&P 500 ended lower overnight, with investors spooked by Middle East tensions, while a tame inflation report calmed concerns around tariff-driven price pressures and traders awaited more details on China-U.S. trade talks. .N
S&P EScv1 and Nasdaq NQc1 futures each fell about 0.4% in Asia trade.
In Japan, Uniqlo-brand owner Fast Retailing 9983.T fell 2.1% to drag the Nikkei the most. Chip-making equipment maker Tokyo Electron 8035.T lost 0.7%.
Automakers fell as the yen gained against the U.S. dollar, with Toyota Motor 7203.T and Honda Motor 7267.T down 1.6% and 0.78%, respectively.
A stronger yen typically weighs on exporter shares by reducing the value of overseas earnings when converted back into Japanese currency.
Bucking the trend, Nintendo7974.T rose 1.33% after the game maker said it had sold more than 3.5 million Switch 2 units in the first four days after its launch, making the console the company's fastest-selling gaming device to date.
Toy maker Konami Group 9766.T rose 1.6% to give the biggest support to the Nikkei.