Japanese shares slip on firmer yen, profit-taking after election

  • Reuters
  • Stock Market News
Japanese shares slip on firmer yen, profit-taking after election
Credit: © Reuters.

TOKYO, Sept 15 (Reuters) - Japanese shares closed lower on Tuesday as a stronger yen pressured exporters and investors booked profits after a three-day rally in the run up to the ruling party election, where Abe ally Yoshihide Suga was picked as the new leader.

The benchmark Nikkei share average .N225 ended down 0.44% at 23,454.89, having hit a fresh seven-month high in the previous session. There were 45 advancers on the index against 175 decliners.

The profit-taking came after Japan's Chief Cabinet Secretary Yoshihide Suga, a long-time loyal aide of Prime Minister Shinzo Abe, was elected head of Japan's ruling party on Monday, all but confirming he would replace Abe as prime minister on Wednesday. broader Topix .TOPX lost 0.62% to 1,640.84, with highly cyclical iron and steel .ISTEL.T , airlines .IAIRL.T and mining .IMING.T being the three worst-performing sectors on the main bourse.

Export-oriented firms slipped as the yen remained strong against the dollar, last traded at 105.66 per dollar JPY=EBS , staying close to a two-week high of 105.55 yen scaled the previous day.

Canon Inc 7751.T slipped 2.73%, while Panasonic Corp 6752.T fell 1.15%.

Investors await the U.S. Federal Reserve meeting for clues on its monetary policy outlook, while the focus for Japan's upcoming central bank meeting would be on how it intends to coordinate policy with a new administration. Land 4661.T edged down 0.71% after local media reports said the Japanese operator of the Tokyo Disney Resort would slash winter bonuses by 70%.

Sony Corp 6758.T skidded 2.41% after media reported the company would reduce its PS5 production due to chip procurement problems for the financial year. Group 9984.T ended 0.34% higher, erasing losses from early in the session.

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