Tokyo stocks slump as yen firms

The benchmark Nikkei 225 index dropped as much as two per cent in early trade and was down 1.83 per cent or 538.87 points at 28,960.41 around 90 minutes into the morning session. — AFP pic
The benchmark Nikkei 225 index dropped as much as two per cent in early trade and was down 1.83 per cent or 538.87 points at 28,960.41 around 90 minutes into the morning session. — AFP pic

TOKYO, Nov 26 ― Tokyo stocks slumped in morning trade today, weighed down by a stronger yen and with few other fresh cues after US markets closed for the Thanksgiving holiday.

The benchmark Nikkei 225 index dropped as much as two per cent in early trade and was down 1.83 per cent or 538.87 points at 28,960.41 around 90 minutes into the morning session.

The broader Topix index slipped 1.48 per cent or 30.08 points to 1,995.61.

A stronger yen against the dollar was weighing on the market, analysts added.

The dollar fetched ¥114.93 (RM4.24) in early Asian trade, against ¥115.34 in London late yesterday.

The Tokyo market will likely see thin trading volume with a dearth of fresh market-moving events “after the closure of the US market and ahead of a shortened US trading day, with many investors taking holidays,” Okasan Online Securities said in a note.

In Tokyo, Mizuho Financial Group was down 0.85 per cent at ¥1,450.5 after reports said its CEO will step down later in the day following a series of system glitches over which the Financial Services Agency will reportedly issue an administrative business improvement order.

Nissan was down 1.70 per cent at ¥628.4 after a report said it will boost investment in electronic vehicles to achieve a target of EVs and hybrids making up 50 per cent of its global sales by fiscal 2030.

Its bigger rival Toyota was down 1.37 per cent at ¥2,083.

NTT was down 1.58 per cent at ¥3,179 after a report said the ministry of internal affairs and communications will issue an administrative directive over its mobile unit’s recent technical glitch.

Among other major shares, Sony was down 1.61 per cent at ¥14,030, investment giant SoftBank Group was off 2.47 per cent at ¥6,518 and Uniqlo casual wear operator Fast Retailing was down 2.35 per cent at ¥72,330. ― AFP