Japan stock market finished session lower on Wednesday, 20 September 2023, as risk aversion seloof triggered on tracking negative cues from Wall Street overnight and reports showing Japan recorded $6.3 biliion trade deficit in August.
Meanwhile, investors took a wait-and-see approach on cautioun ahead of the results of the two-day U.S. Federal Reserve policy meeting later in the day. Meanwhile, investors were also focused on the Bank of Japan's two-day policy meeting beginning Thursday and BOJ Governor Kazuo Ueda's post-meeting remarks.
The 225-issue Nikkei Stock Average index declined 218.81 points, or 0.66%, to finish at 33,023.78. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 24.30 points, or 1%, to 2,406.
ECONOMIC NEWS:- Japan posted a merchandise trade deficit of 930.477 billion yen in August, the Ministry of Finance said on Wednesday. Exports were down 0.8% on year at 7.994 trillion yen, beating forecasts for a decline of 1.7% following the 0.3% drop in the previous month. Imports slumped an annual 17.8% to 8.924 trillion yen versus expectations for a fall of 19.4% following the downwardly revised 13.6% contraction a month earlier (originally -13.5%).
CURRENCY NEWS: The U.S. dollar moved above the 148 yen line on Wednesday, supported by expectations of a growing interest rate gap between the United States and Japan. At 5 p.m., the dollar fetched 148.13-15 yen compared with 147.64-66 yen on Tuesday.
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