However, market trimmed losses in the afternoon supported by Bank of Japan (BOJ) official called for an overhaul of the central bank's ultra-loose monetary policy, including an exit from negative interest rates and bond yield control.
The 225-issue Nikkei Stock Average index declined 41.84 points, or 0.11%, to finish at 39,166.19. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 0.78 point, 0.03%, to 2,675.73.
ECONOMIC NEWS: Japan January Industrial Production Falls 7.5% in January -- Industrial output in Japan slumped a seasonally adjusted 7.5% on month in January, the Ministry of Economy, Trade and Industry said on Thursday. On a yearly basis, industrial production sank 1.5% after shedding 0.7% in the previous month. Upon the release of the data, the METI downgraded its assessment of industrial production, saying that it continues to fluctuate indecisively but has weakened. Industries that contributed to the decline included motor vehicles, business-oriented machinery and electrical machinery. These were offset by support from transport equipment. Shipments were down 8.3% on month and 1.7% on year, while inventories fell 1.8% on month and 1.3% on year. The inventory ratio rose 3.9% on month and 1.3% on year. According to the METI's forecast of industrial production, output is expected to rise 4.8% on month in February and 2.0% in March. Industries contributing to the gain in February include transport equipment, business-oriented machinery and electrical machinery. Industries contributing to the gain in March include production machinery, transport equipment and chemicals.
Japan Retail Sales Rise 2.3% In January -The total value of retail sales in Japan was up 2.3% on year in January, the Ministry of Economy, Trade and Industry said on Thursday - coming in at 13.141 trillion yen. On a seasonally adjusted monthly basis, retail sales rose 0.8% after sinking 2.6% a month earlier. Commercial sales were down 2.9% on month and up 0.9% on year at 45.711 trillion yen, while wholesale sales tumbled 4.8% on month and added 0.4% on year at 32.570 trillion yen.
CURRENCY NEWS: Japanese yen continued appreciating to 149 yen range against greenback after Bank of Japan board member Hajime Takata expressed a positive outlook on achieving Japans 2% inflation goal, fueling speculation the central bank could soon end its negative interest rate policy. At 5 p.m., the U.S. dollar fetched 149.66-69 yen compared with 150.74-75 yen in Tokyo at 5 p.m. Wednesday.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
