Nikkei Lower in Anticipation of Fed Chief Powell Speech

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The Tokyo stock exchange closed with a loss on Friday. Investors processed the lower closing positions on Wall Street, where the mood was depressed by the deadly attack in the Afghan capital Kabul.

 

In addition, they were waiting for the speech that Federal Reserve (Fed) Chairman Jerome Powell will give later in the day at the virtual Jackson Hole meeting. Investors are especially keen on what the Fed boss will say about a possible start of phasing out corona support for the world’s largest economy.

The Nikkei in Tokyo was 0.4 percent lower into the weekend at 27,641.14 points. The Japanese main index nevertheless gained more than 2 percent this week. Substantial price gains among sea container carriers such as Mitsui OSK Lines (plus 9 percent) and Kawasaki Kisen (plus 5 percent) limited the loss. Murata Manufacturing fell a fraction. The Japanese supplier of iPhone maker Apple temporarily closes a large factory due to an outbreak of corona among its staff.

Car manufacturer Mazda also shut down two of its factories in Japan due to parts shortages. They cannot be flown from China to Japan due to problems at the Chinese airport of Shanghai Pudong after a corona outbreak. The stock rose slightly.

The other stock markets in the Asian region showed a mixed picture. The indicator in Shanghai was up 0.4 percent in the meantime, and the Hang Seng index in Hong Kong gained 0.1 percent. The All Ordinaries in Sydney fell 0.1 percent. Santos lost more than 1 percent. Climate activists are suing Australian oil and gas companies.

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