Japan Nikkei falls 0.7%

September 20,2023

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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