Stocks ended marginally lower on the Tokyo Stock Exchange on Friday, dragged down by the yen’s rise and an overnight drop in the Dow Jones industrial average.
The 225-issue Nikkei average fell 48.85 points, or 0.22 percent, to end at 22,258.73. On Thursday, the key market gauge went up 107.58 points.
The Topix index of all first-section issues closed down 2.35 points, or 0.15 percent, at 1,617.93, after rising 8.23 points the previous day.
The Nikkei lost over 230 points at one point before paring the losses gradually toward the close thanks to repurchases, market sources said.
“There was apparently only short covering,” Yutaka Miura, senior technical analyst at Mizuho Securities Co., said of the market indexes’ gradual recovery toward the close.
In addition, apparent exchange-traded fund buying by the Bank of Japan prevented stocks from falling further, said Ryuta Otsuka, strategist at the investment information department of Toyo Securities Co.
In general, a wait-and-see mood remained strong before 10 straight days off from Saturday, Miura said.
Otsuka said that market players “didn’t take positions amid worries about movements in foreign exchange rates and overseas stocks during the holiday and earnings announcements after the holiday.”
Falling issues far outnumbered rising ones 1,325 to 731 in the TSE’s first section, while 84 issues were unchanged.
Volume grew to 1.318 billion shares from Thursday’s 1.221 billion shares.
Advantest plunged 8.85 percent the day after the maker of semiconductor inspection devices offered a dismal operating profit forecast for the year ending in March 2020.
Nintendo dropped 1.32 percent as the game-maker’s operating profit estimate for the year through March 2020 fell short of market expectations.
Also sold were control equipment-maker Omron, auto parts supplier Denso and convenience store operator FamilyMart Uny.
By contrast, Kyocera, a maker of electronic parts, climbed 4.90 percent on its rosy operating profit projection for the year that ends in March 2020.
Other major winners included air conditioner manufacturer Daikin, pharmaceutical firm Astellas and clothing store chain Fast Retailing.
In index futures trading on the Osaka Exchange, the key June contract on the Nikkei average shed 100 points to end at 22,250.