TOKYO, May 2 — Tokyo shares drifted lower today ahead of three consecutive public holidays, as investors focused on an upcoming US Federal Reserve monetary policy meeting.
The Nikkei 225 index opened flat then slipped 0.52 per cent, or 139.55 points, to 26,708.35 in morning trade while the broader Topix index fell 0.23 per cent, or 4.33 points, to 1,894.73.
The dollar stood at ¥129.72 (RM4.34), compared with ¥129.86 on Friday in New York.
Many investors are sitting on their hands because the Tokyo Stock Exchange will only open on Monday and Friday this week.
Market players are unlikely to make big moves since they will not be able to react quickly to international events, particularly US ISM manufacturing data released later Monday, and a Fed policy meeting that ends on Wednesday.
Global investors are expecting that the US central bank will raise interest rates by 50 basis points in an aggressive drive to tame inflation.
“The US market experienced turbulence in the latter half of last week, and many investors are expected to take a hands-off approach as today falls between holidays,” Okasan Online Securities said.
“The Tokyo market this week will likely take a wait-and-see position.”
Still, shares remain generally well supported, Okasan added, and investors are likely to follow headlines related to corporate earnings to make investment decisions.
Nintendo dropped 0.73 per cent to ¥59,470 and Sony Group fell 0.45 per cent to ¥11,170.
Advantest, a major producer of testing kits for semiconductors, lost 3.56 per cent to ¥8,670.
Meanwhile, airline ANA Holdings added 1.71 per cent to ¥2,495.5, and Nippon Yusen KK, a major shipping firm, jumped 3.28 per cent to ¥9,770. — AFP
Source: Malay Mail
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