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Tokyo: Nikkei snaps 5-day winning streak as yen firms

Wednesday, June 1, 2016 - 14:46
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[TOKYO] Japanese stocks ended lower on Wednesday, snapping a five-session winning streak, as a stronger yen triggered profit-taking and dimmed the earnings outlook for exporters.

The Nikkei share average fell 1.6 per cent to 16,955.73 points. Sell orders accelerated late in the day after the dollar fell below 110 yen, souring sentiment.

Shares of home appliance and electronics exporter Panasonic Corp slid 2 per cent while Toyota Motor Corp declined 0.5 per cent and tire maker Bridgestone Corp slipped 1.2 per cent.

Total volume on the Tokyo Stock Exchange's first section was subdued at 1.995 billion shares. Turnover was 2.115 trillion yen (S$26.5 billion), well below Tuesday's 1-month high of 2.874 trillion yen but above Monday's 1.560 trillion yen.

Japanese mobile app firms surged on news reports that messaging app operator Line Corp will soon launch its IPO and be listed on the Tokyo Stock Exchange.

Internet advertising and mobile app developer Adways Inc soared 7.7 per cent while mobile content firms Neos Corp and Imagineer Co Ltd gained 5.9 per cent and 4.8 per cent, respectively. Mobile games developer Ateam Inc rose 2.8 per cent.

The broader Topix fell 1.3 per cent to 1,362.07 and the JPX-Nikkei Index 400 ended the day 1.4 per cent lower at 12,283.58.

REUTERS