Japanese shares slip on firmer yen, profit-taking after election

Japanese shares slip on firmer yen, profit-taking after election

Reuters  | Sep 15, 2020 15:10

Japanese shares slip on firmer yen, profit-taking after election

TOKYO, Sept 15 (Reuters) - Japanese shares closed lower 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 ended down 0.44%
at 23,454.89, having hit a fresh seven-month high in the
previous session. There were 45 advancers on the index against
175 decliners.
The profit-taking came after Japan's Chief Cabinet Secretary
Yoshihide Suga, a long-time loyal aide of Prime Minister Shinzo
Abe, was elected 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 0.62% to 1,640.84, with
highly cyclical iron and steel .ISTEL.T , airlines .IAIRL.T
and mining .IMING.T being the three worst-performing sectors
on the main bourse.
Export-oriented firms slipped as the yen remained strong
against the dollar, last traded at 105.66 per dollar JPY=EBS ,
staying close to a two-week high of 105.55 yen scaled the
previous day.
Canon Inc 7751.T slipped 2.73%, while Panasonic Corp
6752.T fell 1.15%.
Investors await the U.S. Federal Reserve meeting for clues
on its monetary policy outlook, while the focus for Japan's
upcoming central bank meeting would be on how it intends to
coordinate policy with a new administration. Oriental Land 4661.T edged down 0.71% after local media
reports said the Japanese operator of the Tokyo Disney Resort
would slash winter bonuses by 70%.
Sony Corp 6758.T skidded 2.41% after media reported the
company would reduce its PS5 production due to chip procurement
problems for the financial year. SoftBank Group 9984.T ended 0.34% higher, erasing losses
from early in the session.

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