Japanese Shares Nosedive Amid Wall Street Losses and Rising Yen

MT Newswires Live08-02

Japanese Shares Nosedive Amid Wall Street Losses and Rising Yen Japanese shares closed the week in the red, weighed down by Wall Street losses, a rising yen, and expectations of further rate hikes by ...

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fell to an eight-month low in July due to weak new orders, though this may be overstated as factory production rebounded in Q2.The Institute for Supply Management reported its manufacturing PMI dropped to 46.8 in July from 48.5 in June, indicating contraction.The yen strengthened to 149.085 per dollar, peaking at 148.51 overnight, its highest since March. This surge impacts Japanese exporters by reducing the value of their overseas earnings.Bank of Japan Governor Kazuo Ueda is signaling readiness for more rate hikes despite economic challenges.This shift, influenced by political pressure and confidence in wage-driven consumption, suggests the BOJ aims to raise rates to around 0.75% to address yen weakness and inflation concerns.Japan's manufacturing sector saw a slight contraction in July due to weak new orders, according to S&P Global. The PMI fell to 49.1 from 50.0 in June, dipping below the growth threshold. Factory managers noted the sharpest decline in new orders in four months.In corporate news, Kyowa Kirin (TYO:4151) is restructuring its APAC operations, transferring its stake in Kyowa Kirin China Pharmaceutical to a new entity, which will be sold to Hong Kong WinHealth Pharma for about 15 billion yen.Mitsui Chemicals (TYO:4183) disclosed a delay in restarting production at its Osaka Petrochemical Industries ethylene plant due to a steam supply system failure.The plant, located at Senboku Works in Osaka, has been under maintenance since June. The restart is now expected to be delayed by two to three months.","kind":null,"is_publish_news":false,"is_publish_highlight":false,"is_publish_live":true,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2456425031"}