Japanese shares end lower on weaker yen, rising cost worries

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TOKYO, Nov 17 (Businesshala) – Japanese stocks reversed course to end lower on Wednesday, as rising costs and a weaker yen dampened strength in technology heavyweights tracking overnight Wall Street gains.

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Shares of the Nikkei average closed 0.4% down at 29,688.33, while the broader Topics fell 0.6% to 2,038.34.

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All three major Wall Street indices closed overnight on the back of upbeat retail sales data. 1 “The yen’s weakness against the dollar is good for some companies, but it is also a negative factor for others. Investors are now focusing on the latter, especially because of the material,” said Yutaka Miura, a senior technical analyst at Mizuho Securities. cost is increasing.

“But the decline in Japanese stocks has been limited by the solid performance of the US market.”

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The dollar rose to a four-and-a-half-year high against the yen after better-than-expected US retail data.

Japanese stocks also came under pressure after a local media report said Japan’s government and the ruling party would consider increasing the country’s capital gains tax next year as part of efforts to address income disparities.

Staffing agency Recruit Holdings, down 4.61%, was the biggest drag on both Nikkei and Topix, while automaker Toyota Motor fell 0.63% and air-conditioning maker Daikin Industries fell 2.06%.

Technology heavyweights tracked the Nasdaq higher, with Tokyo Electron rising 3.31%, SoftBank Group by 0.27% and Advantage 3.23%.

Oil refiner Idemitsu Kosan advanced 1.15%, after the industry ministry said it was considering a measure to cushion the sharp rise in gasoline prices with subsidies to oil refiners to allow them to cap wholesale prices. (Editing by Rashmi Aich)

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