(Yonhap Infomax is equivalent to Seoul) Reporter Kwon Yong-wook = On the Japanese stock market on February 2nd, major indices dropped in response to weakening export stocks brought on by the strong yen.
The Yonhap Infomax World Stock Index (screen number 6511) reports that the Nikkei 225 index, which is focused on large export stocks, finished the previous trading day at 27,777.90, which is a decrease of 448.18 points (1.59%) from the previous day’s close.
The Topix Index, which is a reflection of the stock prices of all stocks listed on the first sector of the Tokyo Stock Exchange, finished the day at 1,953.98. This represents a decrease of 1.64% from its previous value.
The Nikkei index has been moving in a downward direction since the moment trading began. The previous day saw a significant decline in the dollar’s value against the yen, which resulted in a strengthening of the yen. This led to widespread concerns regarding the performance of exporters.
The potential that the United States Federal Reserve (Fed) may slow the rate at which interest rates are being increased led to a decline of almost 2% in the dollar-yen exchange rate the day before.
The stock market is put under pressure when the yen strengthens since this typically results in a reduction in the profits that exporting corporations make overseas. Additionally, a sell-off of equities took place on this day, with the majority of the stocks being export stocks.
When broken down by industry, the most pessimistic outlook was seen in the pharmaceuticals, real estate, and wholesale markets.
On the international market for currency exchange, the dollar index registered at a relatively low level of 104.62.
The currency rate for the dollar to the yen was trading at 135.03 yen as of 3:26 pm Korean time, which is a decrease of 0.21% from the battlefield.