Latest news with #SumitomoMitsuiTrustAssetManagement
Business Recorder
9 hours ago
- Business
- Business Recorder
Nikkei ends five-day winning run
TOKYO: Japan's Nikkei share average snapped a five-day winning streak to fall more than 1% on Tuesday, as investors sold stocks amid uncertainty over US-Japan trade talks. The Nikkei fell 1.24% to 39,986.33, slipping from the highest level since mid-July, which it reached in the previous session. The broader Topix slipped 0.73% to 2,832.07. 'The market was overheated, but there were some factors that boosted demand last month,' said Hiroyuki Ueno, chief strategist at Sumitomo Mitsui Trust Asset Management. Japanese equities mirrored a rally in US stocks in the past several sessions, but demand was also supported by dividend payouts investors received after corporate shareholders' meetings in June, as well as corporate share buybacks, said Ueno. The Nikkei rose 6.6% in June, marking its biggest monthly gain since February 2024. In the last five sessions of June, the index gained 5.5%. The Relative Strength Index (RSI), a technical measure for investment momentum, dropped to 66.6 on Tuesday from the 'overbought' condition of 74.5.
Business Recorder
a day ago
- Business
- Business Recorder
JGBs rise after strong auction for 10-year bonds
TOKYO: Japanese government bonds rose following strong demand at an auction for 10-year bonds, prompting investors to cover short positions. The 10-year JGB yield fell 4 basis points (bps) to 1.39% after the auction outcome was announced. Bond yields move inversely to prices. The bid-to-cover ratio was 3.51 times the amount sold, lower than the 3.66 ratio at the previous auction, the finance ministry's data showed. But the lowest accepted price was higher than the market forecast, signalling a robust outcome, strategists said. 'The strong outcome was a surprise and the market covered short positions they made ahead of the auction,' said Tomoaki Shishido, senior rates strategist at Nomura Securities. There seemed to be a significant number of institutions that bought the bonds directly from the ministry, said Katsutoshi Inadome, senior strategist at Sumitomo Mitsui Trust Asset Management. 'Such institutions typically hold the bonds for the long term. They wanted to do so because prospects for the Bank of Japan's rate hike are weak,' Inadome said. The 20-year JGB yield fell 3 bps to 2.32%. The 30-year JGB yield fell 0.5 bp to 2.905%. The two-year JGB yield fell 1 bp to 0.735%. The five-year yield fell 2 bps to 0.96%.
Business Recorder
a day ago
- Business
- Business Recorder
Nikkei falls after sharp gains as US-Japan trade talk weighs
TOKYO: Japan's Nikkei share average slipped on Tuesday as investors sold stocks after the index's sharp gains, and uncertainties around the US-Japan trade talks weighed on sentiment. As of 0210 GMT, the Nikkei was down 1.1% at 40,048.14. It is set to snap a five-session winning streak that pushed it to its highest level since mid-July in the previous session. The broader Topix slipped 0.87% to 2,828.15. 'The market was overheated, but there were some factors that boosted demand last month,' said Hiroyuki Ueno, chief strategist at Sumitomo Mitsui Trust Asset Management. Japanese equities mirrored a rally in US stocks in the past several sessions, but demand was also supported by dividend payouts investors received after corporate shareholders' meetings in June, as well as corporate share buybacks, said Ueno. The Nikkei rose 6.6% in June, marking its biggest monthly gain since February 2024. In the last five sessions of June, the index gained 5.5%. The Relative Strength Index (RSI), a technical measure for an investment momentum, dropped to 67.6 on Tuesday from the 'overbought' condition of 74.5. Meanwhile, US President Donald Trump expressed frustration with US-Japan trade negotiations on Monday, casting clouds over ongoing trade talks between the two countries. Japan's Nikkei ends at over 11-month high US Treasury Secretary Scott Bessent also warned that countries could be notified of sharply higher tariffs as a July 9 deadline approaches despite good-faith negotiations. 'Investors weighed trade factors, but if the outlook of the talks becomes clear, then the market gauges stocks with fundamentals and the Nikkei has the potential to rise further,' said Ueno. Uniqlo-brand owner Fast Retailing fell 3.3% to drag the Nikkei the most. Chip-equipment maker Tokyo Electron slipped 1.52%. Bucking the trend, cable maker Fujikura jumped 2.2% to become the biggest percentage gainer on the Nikkei.
New Straits Times
a day ago
- Business
- New Straits Times
Nikkei falls after sharp gains as US-Japan trade talk weighs
TOKYO: Japan's Nikkei share average slipped on Tuesday as investors sold stocks after the index's sharp gains, and uncertainties around the US-Japan trade talks weighed on sentiment. As of 0210 GMT, the Nikkei was down 1.1 per cent at 40,048.14. It is set to snap a five-session winning streak that pushed it to its highest level since mid-July in the previous session. The broader Topix slipped 0.87 per cent to 2,828.15. "The market was overheated, but there were some factors that boosted demand last month," said Hiroyuki Ueno, chief strategist at Sumitomo Mitsui Trust Asset Management. Japanese equities mirrored a rally in US stocks in the past several sessions, but demand was also supported by dividend payouts investors received after corporate shareholders' meetings in June, as well as corporate share buybacks, said Ueno. The Nikkei rose 6.6 per cent in June, marking its biggest monthly gain since February 2024. In the last five sessions of June, the index gained 5.5 per cent. The Relative Strength Index (RSI), a technical measure for an investment momentum, dropped to 67.6 on Tuesday from the "overbought" condition of 74.5. Meanwhile, US President Donald Trump expressed frustration with US-Japan trade negotiations on Monday, casting clouds over ongoing trade talks between the two countries. US Treasury Secretary Scott Bessent also warned that countries could be notified of sharply higher tariffs as a July 9 deadline approaches despite good-faith negotiations. "Investors weighed trade factors, but if the outlook of the talks becomes clear, then the market gauges stocks with fundamentals and the Nikkei has the potential to rise further," said Ueno. Uniqlo-brand owner Fast Retailing fell 3.3 per cent to drag the Nikkei the most. Chip-equipment maker Tokyo Electron slipped 1.52 per cent. Bucking the trend, cable maker Fujikura jumped 2.2 per cent to become the biggest percentage gainer on the Nikkei.
Yomiuri Shimbun
a day ago
- Business
- Yomiuri Shimbun
Japan's Nikkei Stock Average Falls after Sharp Gains as US-Japan Trade Talk Weighs
TOKYO, July 1 (Reuters) – Japan's Nikkei share average slipped on Tuesday as investors sold stocks after the index's sharp gains, and uncertainties around the U.S.-Japan trade talks weighed on sentiment. As of 0210 GMT, the Nikkei .N225 was down 1.1% at 40,048.14. It is set to snap a five-session winning streak that pushed it to its highest level since mid-July in the previous session. The broader Topix .TOPX slipped 0.87% to 2,828.15. 'The market was overheated, but there were some factors that boosted demand last month,' said Hiroyuki Ueno, chief strategist at Sumitomo Mitsui Trust Asset Management. Japanese equities mirrored a rally in U.S. stocks in the past several sessions, but demand was also supported by dividend payouts investors received after corporate shareholders' meetings in June, as well as corporate share buybacks, said Ueno. The Nikkei rose 6.6% in June, marking its biggest monthly gain since February 2024. In the last five sessions of June, the index gained 5.5%. The Relative Strength Index (RSI), a technical measure for an investment momentum, dropped to 67.6 on Tuesday from the 'overbought' condition of 74.5. Meanwhile, U.S. President Donald Trump expressed frustration with U.S.-Japan trade negotiations on Monday, casting clouds over ongoing trade talks between the two countries. U.S. Treasury Secretary Scott Bessent also warned that countries could be notified of sharply higher tariffs as a July 9 deadline approaches despite good-faith negotiations. 'Investors weighed trade factors, but if the outlook of the talks becomes clear, then the market gauges stocks with fundamentals and the Nikkei has the potential to rise further,' said Ueno. Uniqlo-brand owner Fast Retailing 9983.T fell 3.3% to drag the Nikkei the most. Chip-equipment maker Tokyo Electron 8035.T slipped 1.52%. Bucking the trend, cable maker Fujikura 5803.T jumped 2.2% to become the biggest percentage gainer on the Nikkei.
