Japan Nikkei tumbles 1.7%

Japan share market finished session steep lower on Friday, 10 March 2023, snapping five-day winning streak, as risk sentiment chilled by a Wall Street dive overnight, with banks and insurers suffering heavy losses after the Bank of Japan bank kept its controversial yield curve control program unchanged ahead of a leadership transition in April.

The 225-issue Nikkei Stock Average index tumbled 479.18 points, or 1.67%, to finish at 28,143.97. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 39.51 points, or 1.91%, to 2,031.58.

Total 31 of 33 TSE sectors ended lower, with Banks, Marine Transportation, Insurance, Securities & Commodities Futures, Retail Trade, and Air Transportation issues being notable losers.

Seven & i Holdings tumbled 5.9% after the retail giant announced it would close a quarter of its main supermarket and general merchandise outlets.

ECONOMIC NEWS: Japan Producer Prices Fall 0.4% In February-Producer prices in Japan were down 0.4% on month in February, the Bank of Japan said on Friday. On a yearly basis, producer prices climbed 8.2% - shy of forecasts for 8.4% and down from 9.5% in the previous month. Export prices were up 0.3% on month and 0.5% on year, the bank said, while import prices fell 0.9% on month and climbed 3.1% on year.

CURRENCY NEWS: The Japanese yen weakened after the Bank of Japan maintained its easy-money policy, as widely expected.

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