2023-04-21 07:42:00
© Archyde.com. A screen showing stock price data for Tokyo in a photo from Archyde.com archive.
TOKYO (Archyde.com) – Japan’s index fell on Friday, retreating from an eight-month peak it touched earlier in the session as investors held back on large trades before the Bank of Japan’s monetary policy committee meeting next week.
The index fell 0.33 percent to 28,564.37 points at the close, following rising to its highest level since August 26 at 28,778.37 points. The index is on track to achieve gains for the fourth consecutive month. The last time he walked the same path was in 2021.
The broader Topix index fell 0.20 percent to 2,035.57 points at the close, but recorded gains for the second consecutive week.
“Investors’ anticipation of the outcome of the BOJ monetary policy meeting limited the Nikkei gains… but the trend that investors seek to buy undervalued stocks has not changed,” said Yugo Tsuboi, chief strategist at Daiwa Securities.
The Bank of Japan will hold a two-day meeting next week. Nearly 90 percent of economists polled by Archyde.com expected that the new central bank governor, Kazuo Ueda, would not begin to back down from the bank’s easing monetary policy.
Fast Retailing, owner of the Uniqlo brand, recorded the largest decline for companies listed on the Nikkei index, its share fell 1.54 percent, and Soft Bank Group, which invests in the technology sector, fell 1.73 percent.
Precision machinery maker Disco Co rose 14 percent to become the top gainer on the Tokyo Stock Exchange, following posting a record annual operating profit.
(Prepared by Noha Zakaria for the Arabic Bulletin – Edited by Suha Jadu)
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