(RTTNews) – The Japanese stock market is losing on Tuesday after three straight days of gains while the safe-haven yen strengthened, in the absence of fresh cues overnight from Wall Street, which was closed overnight for a holiday.
News that the International Monetary Fund or IMF lowered its global growth forecasts for this year and the next year, dampened investor sentiment.
Investors also turned cautious ahead of the Bank of Japan’s monetary policy decision due later today. The BoJ is widely expected to keep its benchmark lending rate unchanged at -0.1 percent, although it may introduce other means of stimulus.
The benchmark Nikkei 225 Index is declining 116.66 points or 0.48 percent to 23,966.85, after touching a low of 23,954.32 earlier. Japanese stocks closed higher for the third straight day on Monday.
Market heavyweight SoftBank Group Corp. is higher by more than 1 percent, while Fast Retailing is edging down 0.1 percent.
Among tech stocks, Advantest is declining almost 1 percent and Tokyo Electron is lower by more than 1 percent.
The major exporters are mostly lower on a stronger yen. Panasonic is losing 0.6 percent, Sony is lower by 0.5 percent and Canon is down 0.3 percent, while Mitsubishi Electric is rising more than 1 percent.
Among auto stocks, Toyota Motor is advancing more than 1 percent, while Honda Motor is edging down 0.1 percent.
In the oil sector, Japan Petroleum is declining more than 1 percent and Inpex is lower by 0.4 percent.
Among the other major gainers, Mitsui E&S Holdings is rising more than 3 percent, while Kajima Corp. and Tokyo Electric Power are advancing almost 2 percent each.
On the flip side, M3, Yaskawa Electric and Shiseido Co. are losing almost 2 percent each.
In the currency market, the U.S. dollar is trading in the 110 yen-range on Tuesday.
The U.S. markets were closed on Monday for the Martin Luther King Jr. Day holiday.
The European markets ended mostly lower on Monday as investors largely refrained from making significant moves ahead of earnings announcement and central bank policy meetings due this week.
The U.K.’s FTSE 100 declined 0.3 percent and France’s CAC 40 ended down 0.4 percent, while Germany’s DAX advanced 0.2 percent.
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