• Jiji


Tokyo stocks declined further Thursday, hurt by selling to lock in profits.

The Nikkei average of 225 selected issues listed on the first section of the Tokyo Stock Exchange fell 82.00 points, or 0.35 percent, to end at 23,208.86, after losing 5.91 points on Wednesday.

The Topix index of all first-section issues closed down 8.59 points, or 0.53 percent, at 1,615.89. It sagged 0.75 point the previous day.

After opening higher on an overnight rise in U.S. equities, the Nikkei sank into negative territory later in the morning, pressured by profit-taking. The yen's strengthening against the dollar also weighed on the Tokyo market, brokers said.

"Active trading was held in check ahead of an economic symposium in Jackson Hole," Hirohumi Yamamoto, strategist at Toyo Securities Co., said of a Federal Reserve event in Wyoming.

Investors are focusing on a speech by Fed Chairman Jerome Powell for any hints about the U.S. central bank's policy guidelines.

An asset management firm official said, "Stocks are not seen as undervalued anymore as the Nikkei has recovered 23,000." Falling issues outnumbered rising ones 1,287 to 805 in the TSE's first section, while 80 issues were unchanged.

Volume increased to 923 million shares from Wednesday's 859 million shares.

Automakers including Toyota and Honda fell due to a stronger yen.

Cybermall operator Rakuten extended its losing streak to a fourth session.

Among other losers were mobile phone carrier KDDI and clothing store chain Fast Retailing.

On the other hand, Ishikawa Seisakusho and other defense-related names rose amid an escalation in tensions between Washington and Beijing after the Chinese military fired four ballistic missiles into the South China Sea.

Recruit Holdings rose after Nomura Securities Co. raised its target price for the job information service firm.

Also on the positive side were air conditioner maker Daikin and construction machinery maker Kubota.

In index futures trading on the Osaka Exchange, the key September contract on the Nikkei average lost 10 points to end at 23,210.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.