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Monday, July 4, 2022
Stocks & Shares

Tokyo stocks track Wall Street lower amid Ukraine tensions

Tokyo-stocks

Nikkei Stock Average dropped 138.71 points to 27,094.16 and the broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 8.25 points to 1,922.99

Tokyo stocks were lower Friday morning, tracking overnight losses on Wall Street, as fears over a possible Russian invasion of Ukraine continued to dampen sentiment.

The 225-issue Nikkei Stock Average dropped 138.71 points, or 0.51 percent, from Thursday to 27,094.16. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 8.25 points, or 0.43 percent, at 1,922.99.

Decliners were led by mining, rubber product and bank issues.

The U.S. dollar rose to the lower 115 yen range from the upper 114 yen level as the Japanese currency, seen as a safe-haven asset, was sold following a report that U.S. Secretary of State Antony Blinken has agreed to meet with his Russian counterpart Sergey Lavrov next week over the situation in Ukraine.

At noon, the dollar fetched 115.20-21 yen compared with 114.88-98 yen in New York and 115.29-31 yen in Tokyo at 5 p.m. Thursday.

The euro was quoted at $1.1365-1369 and 130.92-98 yen against $1.1357-1367 and 130.53-63 yen in New York and $1.1375-1377 and 131.15-19 yen in Tokyo late Thursday afternoon.

The Nikkei briefly fell below the 27,000 mark, led by declines in heavyweight technology issues after U.S. President Joe Biden said Thursday he sees a ‘very high’ risk of a Russian invasion of Ukraine within the ‘next several days’ as tensions continue to simmer over Russia’s massive buildup of troops near its neighbouring country.

But the index trimmed losses toward the end of the morning session as fears over an imminent invasion of Ukraine eased somewhat following the report on the meeting between Blinken and Lavrov.

Major stock markets around the world have been hit by fears over a potential Russian invasion and its impact on the global economy, with the U.S. Dow Jones index plunging 622.24 points Thursday, its largest daily drop so far this year.

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