12
2024/11
WisunoFX Market Update – 12/11
On Tuesday, November 12, Tokyo stocks closed with mixed results. Gains in bank stocks and yen-weakness-supported auto stocks were countered by selling pressure in tech stocks ahead of upcoming earnings reports.
- Nikkei Average: Down by 157.23 points (-0.40%), closing at 39,376.09.
- TOPIX: Up slightly by 1.84 points (+0.07%), closing at 2,741.52.
Sector Performance: Transport equipment and rubber products led gains, while electronics and oil/coal products saw the largest declines. Across the Tokyo Stock Exchange, 784 stocks fell, 800 advanced, and 61 remained unchanged.
While Tokyo stocks were initially buoyed by gains in the U.S. market, selling pressure in index futures during the afternoon session pushed the Nikkei down nearly 400 points. Recently, the Nikkei has encountered resistance around the 39,800 level, prompting cautious selling.
USD/JPY briefly surpassed the 154 mark in Tokyo, driven by inflation expectations and potential high-interest rates from anticipated Trump administration policies. However, profit-taking saw the rate dip slightly. Banks benefited from higher interest rate expectations, while yen depreciation spurred repurchasing in auto stocks. In the tech sector, caution grew ahead of earnings from Tokyo Electron and SoftBank Group, adding to sell pressure in the afternoon.
Market sentiment was also affected by reports that Trump may nominate Senator Marco Rubio, a noted China hawk, as Secretary of State. This news raised concerns about potential adverse impacts on Japanese chip companies with heavy reliance on the Chinese market.
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