Sunday, 5 December 2021

Tokyo stocks close lower as eyes turn to earnings

(Photo by Toshiki Sasazu)

TOKYO stocks closed lower as Japan’s ruling bloc retained its majority in the upper house as widely expected, with focus now shifting to corporate earnings announcements this week.

The benchmark Nikkei 225 index lost 0.23 percent, or 50.20 points, to 21,416.79, while the broader Topix index fell 0.49 percent, or 7.59 points, to 1,556.37.

The upper house election this weekend ended with a ruling bloc victory and a majority of seats in line with expectations, and did not upset the market, analysts said.

“As corporate earnings season starts this week… investors’ eyes will shift away from expectations for excessive money flows to negative factors such as the worsening of corporate performances,” Okasan Online Securities said in a commentary.

Resona Holdings said in a note: “A wait-and-see mood will likely strengthen later this week ahead of results from major companies.”

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