Japan Market retreats from three-decade peaks

Japan stock market finished lower for the first time in four straight session on Wednesday, 15 September 2021, as investors opted to secure profit on overheated concerns after the Nikkei and the Topix indexes both close at a 31-year high on Tuesday. Meanwhile, weaker than expected rebound in core machinery orders in July also fuelled selloff.

At closing bell, the 225-issue Nikkei Stock Average dropped 158.39 points, or 0.52%, to 30,511.71. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 22.48 points, or 1.06%, to 2,096.39.

Trading volume on the main section stood at 1205 million shares worth 3.15 billion yen as compared yesterday's 1339 million shares worth 3.35 billion yen.

Total 32 of 33 industry groups declined on the Topix. Major declining issues were led by Real Estate (down 2.2%), Securities & Commodities Futures (down 2.1%), Metal Products (2.1%), Textiles & Apparels (down 1.9%), Nonferrous Metals (down 1.9%), Iron & Steel (down 1.7%), and Mining (down 1.7%) issues, while advancing issue included Marine Transportation (up 4.2%) issue.

Shares of export-related companies declined on yen appreciation against greenback. Among automakers, Mazda Motor slumped 2.2% to 960 yen, and Nissan Motor fell 1.1% to 572.4 yen, while electronics manufacturer Panasonic tumbled 1.5% to 1,442 yen.

Shares of Apple Inc.'s parts suppliers tracked a fall in the tech giant's shares. Murata Manufacturing slipped 2.7% to 10,235 yen, and Alps Alpine declined 2.3% to 1,251 yen.

ECONOMIC NEWS: Japan's core private-sector machinery orders rose 0.9% in July from the previous month, according to the Cabinet Office. It followed a 1.5% dip in the prior month.

CURRENCY NEWS: The US dollar traded around mid 109 yen level in Tokyo trading on Wednesday. The dollar stood at 109.43-43 yen, down from 110.00-00 yen on Tuesday. The euro was at 129.31-32 yen, down from 130.07-08 yen.

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