Xinhua
08 Dec 2023

TOKYO, Dec. 8 (Xinhua) -- Tokyo stocks closed lower on Friday, as yen surged against the U.S. dollar, bringing hard hit on export-related issues.

Japan's benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended down 550.45 points, or 1.68 percent, from Thursday to close the day at 32,307.86, marking the lowest level in a month.

The broader Topix index, meanwhile, finished 35.44 points, or 1.50 percent, lower at 2,324.47.

In the forex market on Friday, the yen briefly surged to the mid-142 level against the U.S. dollar on expectations of Bank of Japan (BOJ)'s policy shift, amid mounting concerns over the upcoming U.S. employment statistics for November, market watchers here pointed out.

There is also a growing awareness that the Bank of Japan may consider lifting negative interest rates during its financial policy meeting scheduled for later this month, especially given the possibility of a sustained rise in the yen due to a narrowing Japan-U.S. interest rate differential, according to local analysts.

Meanwhile, the market was also driven down by auto-related stocks amid concerns of deterioration in the profitability of exports.

On the top-tier Prime Market, decliners were led by transportation machinery, rubber products, and mining issues.

Issues that declined outpaced those that rose by 1,408 to 230, while 22 ended the day unchanged.