ZCZC
BCN-12
STOCKS-MARKETS-JAPAN-CLOSE
Tokyo’s Nikkei edges up with eyes on trade, central banks
TOKYO, June 17, 2019 (BSS/AFP) – Tokyo’s benchmark Nikkei closed
fractionally higher on Monday thanks to gains in blue-chip shares, with
investors eyeing the US-China trade war and key central bank meetings this
week.
The Nikkei 225 index rose 0.03 percent, or 7.11 points, to 21,124.00, but
the broader Topix index was down 0.45 percent, or 6.97 points, at 1,539.74.
Some blue-chip shares, led by Sony, SoftBank and Uniqlo casual wear
operator Fast Retailing, gained ground, offsetting declines in chip-related
shares, said Shinichi Yamamoto, broker at Okasan Securities in Tokyo.
“But players were largely on the sidelines ahead of the FOMC (Federal Open
Market Commitee) starting on Tuesday,” Yamamoto told AFP.
Tsuyoshi Nomaguchi, strategist at Daiwa Securities, said: “If the Fed’s
view on the economy is hawkish enough to remove market expectations of a rate
cut, that would send stocks prices down.”
Investors were also watching the US Trade Representative’s public hearings
on President Donald Trump’s plans to impose fresh tariffs on Chinese-made
goods, which will start on Wednesday.
“It’s worth watching if there is any impact from the US-China trade war on
the Japanese trade statistics due on Wednesday,” Nomaguchi said.
The dollar fetched 108.59 yen in Asian afternoon trade, against 108.55 yen
in New York on Friday.
The Bank of Japan’s two-day meeting through Thursday will be monitored as
it may affect the dollar-yen rate, analysts said.
In Tokyo, SoftBank jumped 1.84 percent to 10,190 yen while Fast Retailing
rose 1.31 percent to 66,930, with Sony up 2.49 percent at 5,635 yen.
Chip-linked shares were lower after the US chip sector declined, with
chip-testing equipment maker Advantest dropping 2.91 percent to 2,529 yen and
chip-making equipment manufacturer Tokyo Electron diving 2.49 percent to
14,265 yen.
BSS/AFP/HR/1250