Nikkei 225 Watch: Index Edging down in Choppy Trade

on Sep 12, 2013
Listen, Thursday, September 12th: The Nikkei 225 today declined with a stronger yen hitting exporters and after Japanese machinery orders rose less than expected. Asian stocks swung between gains and losses, with investors awaiting next week’s policy meeting of the US Federal Reserve.

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**Nikkei Gives up Gains**
Japan’s benchmark index was 57.49 points or 0.40 percent down at 14,367.58 as of 06:46 BST, after briefly entering positive territory earlier. The Nikkei hit a seven-week high of 14,561.46 during the previous session. The broader Topix index shed 0.41 percent.
Today, Cabinet Office data showed that core machine orders were unchanged in July from the previous month, as compared with economist expectations of a 2.4 percent increase. Year-on-year, machine orders rose by 6.5 percent, missing forecasts of a 7.7 percent gain.

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“After the market’s recent gains the timing is right for some selling and the yen has started strengthening as well, so we’re seeing some profit-taking,” explained Kenji Shiomura, a senior strategist at Daiwa

Securities, as quoted by Bloomberg. “The impact from machinery orders is limited as they’re very volatile. And while they missed estimates, they’re still recovering.”
The biggest loser in the index was Mitsubishi Motors Corp, whose shares closed 8.05 percent lower at 1,028.00 yen following media reports that the carmaker was nearing a decision to raise 200 billion yen (£1.3 billion) via a public offering of new shares.

Sharp Corp closed 5.96 percent lower at 363.00 yen after dropping 6.7 percent to 360 yen earlier. The TV set maker is expected to announce a public share sale and third-party allotment next week.
Exporters declined hit by a stronger yen, with the greenback dropping below 100 yen. Nissan Motor Co closed 1.19 percent lower at 996.00 yen, whereas Toyota Motor Corp shed 1.10 percent to close at 6,270.00 yen.

**Asian Stocks Waver amid Uncertainty over Fed Tapering**
Asian markets were mixed as concerns of a tapering of the Federal Reserve’s monetary stimulus programme dampened risk appetite. The Hong Kong Hang Seng Index dropped 0.08 percent, while Korea’s KOSPI index edged higher after the Bank of Korea said the country’s economy was improving following its decision to keep rates flat at 2.5 percent. “We’re in wait-and-see mode ahead of next week’s Federal Open Market Committee meeting,” Bloomberg quoted Mitsushige Akino, chief fund manager at Ichiyoshi Asset Management Co, as saying.
!m[Stronger Yen Weighs on Exporters](/uploads/story/5418/thumbs/pic1_inline.jpg)
In Australia, the S&P ASX/200 index climbed 0.15 percent. The nation’s largest carrier, Qantas Airways Limited closed 2.85 percent higher at A$1.45, following reports that it may share its Sydney terminal with Jetstar Airways.
**The Nikkei was 0.26 percent down at 14,387.27 as of 07:28 BST on 12 September 2013.**
**The Topix was 0.41 percent down at 1,184.36 as of 07:00 BST on 12 September 2013.**
**The S&P/ASX 200 was 0.15 percent up at 5,242.50 as of 07:55 BST on 12 September 2013.**
**The KOSPI was 0.01 percent up at 2,004.06 as of 07:01 BST on 12 September 2013.**
The Hang Seng was 0.01 percent down at 22,935.01 as of 08:00 BST on 12 September 2013.

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