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Japan's Nikkei falls for 5th day in seesaw trade

TOKYO
2023-07-10 17:33

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TOKYO, July 10 (Xinhua) -- Tokyo stocks finished lower for the fifth straight market day Monday as concerns over the outlook for the U.S. market put a damper on any dip-buying.

The 225-issue Nikkei Stock Average ended down 198.69 points, or 0.61 pct, from Friday at a one-month low of 32,189.73.

The broader Topix index, meanwhile, lost 11.57 points, or 0.51 percent, to finish at 2,243.33.

After opening almost flat, the market headed north as investors picked up shares that had already fallen to reasonable levels in the ongoing slump, but selling pressure increased again later in the morning.

The market quickly gave up on earlier gains as concerns grew stronger about the direction of the U.S. economy after the latest employment data showed wages rose and unemployment remained low in June despite a slowdown in hiring, analysts here said.

Decliners were led by marine transportation, transportation equipment and pharmaceutical shares.

The Nikkei's worst-performing stock was Yaskawa Electric, which shed 3 percent after reporting disappointing financial results, as the Japanese earning season gets underway.

Among major shares, Toyota fell 1.72 percent to 2,260 yen. Nintendo lost 0.72 percent to 6,305 yen. Sony Group dropped 1.35 percent to 12,830 yen.
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