Japan Market extends losses on Ukraine Tensions

Japan share market finished lower for second consecutive session on Tuesday, 15 February 2022, as risk aversion selloff continued on tracking negative lead from Wall Street overnight as well as disappointing financial results from construction machine maker Kubota and staffing services company Recruit Holdings. Sentiment also continued to be weighed down by worries about accelerated U.S. monetary tightening and the threat of Russia's possible invasion of Ukraine.

At closing bell, the 225-issue Nikkei Stock Average declined 214.40 points, or 0.79%, to 26,865.19. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 15.95 points, or 0.83%, to 1,914.70.

 

Construction machine maker Kubota plummeted 12.6% after posting disappointing earnings.

Recruit Holdings shares lost 12.5% after staffing services company reported slower earnings growth for the quarter ended December. Recruit forecasted revenue for the full 2021 fiscal year will be up between 19% and 23.4%.

ECONOMIC NEWS: Japan GDP Rebounds 1.3% In Q4- Japan's gross domestic product grew 1.3% sequentially, reversing a 0.7% fall in the third quarter, as the easing of restrictions related to the pandemic boosted consumer spending, data released by the Cabinet Office revealed on Tuesday. On an annualized basis, the economic growth came in at 5.4% in the fourth quarter, but weaker than the forecast of 5.8%.

CURRENCY NEWS: The dollar weakened slightly around 115.35 yen in Tokyo trading on Tuesday, due to fears of Russia's possible invasion of Ukraine. At 5 p.m., the dollar stood at 115.34-34 yen, down from 115.41-41 yen at the same time Monday.

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