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Japan’s Nikkei Stock Average Slips Amid Drag from Strong Yen; Advantest Surges
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The Japan News
Yomiuri Shimbun file photoThe Tokyo Stock ExchangeTOKYO, Jan 29 (Reuters) – Japan’s Nikkei share average edged lower on Thursday as a broadly stronger yen weighed on sentiment towards the exporter-heavy index, although a surge in heavily weighted Advantest limited the losses.
Nvidia NVDA.O supplier Advantest 6857.T vaulted 7.6%, boosting the Nikkei by about 458 index points, after the chip-testing equipment maker raised its annual profit forecast by 21%.
The yen JPY= pulled back a little overnight as traders paused for breath after three days of sharp gains, but yen buying resumed on Thursday.
“Japan’s stock market is seeing a temporary withdrawal of funds, including profit-taking selling, as investors take a wait-and-see attitude,” said Wataru Akiyama, a strategist at Nomura Securities.
Automakers as a group .ITEQP.T got a bit of respite, rising 1.4% to be the top performer among the Tokyo Stock Exchange’s 33 industry groups, but that followed a 6.7% plunge over the last three sessions.