FILE PHOTO: A media person stands in front of the stock quotation board during a ceremony marking the end of trading in 2022 at the Tokyo Stock Exchange in Tokyo, Japan December 30, 2022. REUTERS/Issei Kato/File PhotoForeign investors kept up a sell-off in Japanese stocks in the week to Aug. 2, concerned about a yen rally that is clouding the profit outlook for export-reliant firms, while a historic rate hike by the Bank of Japan further fuelled bets on the yen.
Foreign investors sold a net 515.41 billion yen in derivative contracts for a third consecutive week of net sales. They also divested about 552.43 billion yen in cash equities. "The current level, however, appears to be where the market looks to build a toehold for a path back to recovery," said Naoki Kamiyama, chief strategist at Nikko Asset Management.
In the debt market, cross-border investors continued to be net sellers of Japanese bonds for the eighth consecutive week, finance ministry data showed. Foreign investors unloaded short-term Japanese bonds worth 953.5 billion yen, for an eighth straight week of net sales.
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