Japanese Stocks Close Lower on Likely Position Adjustments Before Fed Decision
By
Ronnie Harui, Dow Jones Newswires
Japan’s Nikkei Stock Average edged 0.25% lower to close at 39381.41 in likely position adjustments by investors before the U.S. Federal Reserve announces its interest-rate decision later today.
Assuming recent Trump trades of equity strength, long-term yield gains, and yen weakness sustain, such moves will support a Japanese equity rally to around the turn of the year, Citi Research strategist Ryota Sakagami said in a note.
Among the worst performers on the benchmark index, Nitori slipped 6.6%, MinebeaMitsumi dropped 6.4%, and Nippon Sanso was down 5.5%. USD/JPY was at 154.05, up from 153.76 as of Wednesday’s Tokyo stock market close. The 10-year JGB yield was up 2.5bps at 1.005%.
