Japan’s Nikkei Stock Average index was down 132.88 points, or 0.34%, to finish at 38,787.38. The broader Topix index of all First Sections.
Japan’s stock market had a mixed day on Friday, May 17, 2024, as profit-taking increased following the market’s poor lead overnight and recent big gains. More than half of Japanese enterprises believe that the recent decrease in the yen’s value will have a negative impact on the company for which they work, increasing selloff pressure.
According to a study released by Teikoku Databank on Friday, around 64% of businesses reported that the recent yen devaluation has had a negative impact on their profitability, while 7.7% reported that it has had a positive effect. Businesses experiencing detrimental effects stated that they were unable to raise prices to match rising raw material costs for customers.
The 225-issue Japan’s Nikkei Stock Average index was down 132.88 points, or 0.34%, to finish at 38,787.38. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 8.08 points, 0.3%, to 2,745.62.
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