Tokyo stocks fall as yen rises on weak US economic data

The Mainichi

a day ago

TOKYO (Kyodo) -- Tokyo stocks fell Thursday, weighed down by selling of exporter shares, as the yen strengthened after weaker-than-expected U.S. economic data raised concerns over the impact of President Donald Trump's tariff policy on the U.S. economy.
The 225-issue Nikkei Stock Average ended down 192.96 points, or 0.51 percent, from Wednesday at 37,554.49. The broader Topix index finished 28.66 points, or 1.03 percent, lower at 2,756.47.
On the top-tier Prime Market, decliners were led by marine transportation, transportation equipment, and oil and coal product issues.
The U.S. dollar stayed mostly weak in the upper 142 yen range in Tokyo, weighed down by a decline in U.S. Treasury yields following sluggish private-sector payrolls and purchasing managers data from the Institute for Supply Management.
On the stock market, the yen's appreciation weighed on exporter issues such as automakers, as U.S. economic data fueled concerns that steep tariffs are beginning to hurt the U.S. labor market, brokers said.
While a decline in confidence among U.S. goods trade businesses had already been apparent, sentiment was particularly affected by the drop in the services sector purchasing managers index below the boom-or-bust 50 line for the first time in about a year, said Maki Sawada, a strategist at the Investment Content Department of Nomura Securities Co.
"A cautious mood is growing now as a result ahead of the U.S. jobs data due Friday," Sawada added.