Japan Market tumbles 1.17%

24-May-24   13:18 Hrs IST
Japan share market finished session lower on Friday, 24 May 2024, on tracking broadly downbeat cues from Wall Street overnight amid conscious of inflation pressure and receding expectations for rate cuts.

Market sentiments dented further after government data showed the pace of Japanese inflation slowed in April to 2.2%, but the figure remaining above the Bank of Japan's 2% target. The figure kept the Bank of Japan under pressure to tighten policy further.

However, market losses capped as investor sentiment in Tokyo was boosted by news of soaring Nvidia earnings.

At closing bell, the 225-issue Nikkei Stock Average index tanked 457.11 points, or 1.17%, to 38,646.11. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 12.21 points, 0.44%, to 2,742.54.

CURRENCY NEWS: Japanese yen moved in the upper156 zone against greenback. The dollar fetched 156.95 yen, little changed from 156.93 yen in New York on Thursday.

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