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Japan stock market finished session mixed on Friday, 01 December November 2023, as risk sentiments turned subdued after the release of disappointing domestic manufacturing data, rising long-term interest rates, and on caution ahead of remarks from U.S. Federal Reserve Chair Jerome Powell later in the day.
The 225-issue Nikkei Stock Average index was down 55.38 points, or 0.17%, to finish at 33,431.51. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 7.59 points, 0.32%, to 2,382.52.
Total 22 of 33 Topix sub-sectors sector advanced, with Wholesale Trade, Warehousing & Harbor Transportation Services, Transportation Equipment, Banks, and Construction issues being notable gainers, while Services, Precision Instruments, and Information & Communication issues were notable losers.
Shares of technology companies declined as rising long-term interest rates in Japan fueled prospects of higher borrowing costs. Semiconductor testing equipment maker Advantest dropped 1.3% to 4,622 yen, while Tokyo Electron slipped 0.7% to 23,850 yen.
Shares of exporters advanced as a weaker yen raised the prospect of their overseas profits being increased when repatriated. Toyota Motor gained 1.4% and Honda Motor advanced 1.4% to 1,529.5 yen.
Seven & i Holdings soared 5.3%, after the 7-Eleven convenience store operator said Thursday it would expand its presence in Australia with a buyout of all shares in the brand's operator in the country.
ECONOMIC NEWS: Japan Manufacturing Sector Contracts Further In November-The manufacturing sector in Japan continued to contract in November, and at a faster pace, the latest survey from Jibun Bank revealed on Friday with a manufacturing PMI score of 48.3. That's down from 48.7 in October and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction. Contributing to the sub-50.0 PMI reading was a further contraction in output levels, and one that was the strongest seen in nine months. The downturn reportedly reflected production adjustments in response to weaker demand and a lack of new product launches. There was also a sustained contraction in new orders midway through the final quarter of 2023. The rate of decline sharpened from October amid cooling demand in both domestic and international markets.
Japan Unemployment Rate Declines To 2.5% In October- The unemployment rate in Japan came in a seasonally adjusted 2.5% in October, the Ministry of Communications and Internal Affairs said on Friday. The participation rate was 63.1%, down from 62.3% in the previous month. The job-to-applicant ratio was 1.30, which would have been unchanged from October. |