Tokyo Stocks Market Ends Friday in Negative Territory
(MENAFN) Japanese shares fell sharply Friday, weighed down by a stronger yen that pressured exporters and growing political uncertainty ahead of next week’s key leadership vote.
The Nikkei 225, Japan’s leading stock index, slumped 695.59 points, or 1.44%, closing at 47,582.15. The broader Topix index also declined, losing 32.98 points, or 1.03%, to finish at 3,170.44.
Currency-sensitive sectors, particularly automakers, bore the brunt of the sell-off as the yen's appreciation raised concerns about overseas earnings. Analysts also pointed to weakness in financial stocks following overnight declines on Wall Street.
Investors remained focused on the upcoming parliamentary vote on October 21, with ruling Liberal Democratic Party President Sanae Takaichi widely seen as the leading candidate to become Japan's next prime minister.
Investors exercised caution ahead of the leadership decision, which could signal shifts in economic policy.
Exporters and banks were among the hardest hit, with sentiment further dampened by a lack of fresh domestic catalysts to counter external headwinds.
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