Japanese shares slip on lack of cues before new leadership takes charge

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TOKYO, Sep 30 (Businesshala) – Japanese shares fell on Thursday as investors struggled to spot fresh signs ahead of the country’s new leadership taking over, while selling pressure on a reshuffle in benchmarks also weighed on the Nikkei. But weighed.

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The Nikkei stock average slipped 0.45% to 29,412.07 as of 0201 GMT, while the broader top was down 0.50% to 2,028.00.

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The Liberal Democratic Party (LDP) on Wednesday appointed former Foreign Minister Fumio Kishida as its new leader, defeating rival Taro Kono, who was known as a promoter of renewable energy. Kishida is going to be the new Prime Minister of the country.

Hideyuki Suzuki, general manager of investment research at SBI Securities, said, “Kono was the most favored candidate, and it was easy to identify which stocks would benefit from his policy, but it is not so clear to ascertain that under Kishida’s leadership. Which shares will rise in .

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“In addition, there is selling pressure of approximately 500 billion yen ($4.5 billion) of shares associated with the reshuffle of the Nikkei 225.”

Electronic components maker Murata Manufacturing, Robot Keys and game maker Nintendo will be added to the index starting next month, replacing Sky Perfect JSAT Holdings, Toyo Seikan Group Holdings and Nishinbo Holdings.

Sky Perfect fell 0.93% and Toyo Seiken fell 1.9%, while Nishinbo slipped 1.49%.

Technology heavyweights led the decline, with Tokyo Electron falling 2.47% and SoftBank Group 2.21%.

Renewable energy firm Renova fell 0.76% and West Holdings 3.34%.

Railway operators were the biggest gainers among the exchange’s 33 industry sub-indices as travel demand is expected to rise after Japan lifted its COVID-19 emergency measures later in the day.

East Japan Railway jumped by 3.52%, West Japan Railway by 3.52% and Central Japan Railway by 2.13%.

Reporting $1 = 110.7420 yen by Junko Fujita; Editing by Rashmi Aichi

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