NEW YORK: The Tokyo stocks have lost 1.71 per cent as oil prices are heading towards six-year lows. The Nikkei 225 index at the Tokyo Stock Exchange shed 291.75 points to finish at 16,795.96, while the Topix index of all first-section shares was off 1.22 per cent, or 16.71 points, at 1,357.98.
‘With volatility in commodity prices rising, investors have been adjusting their positions in numerous commodity products,’ Masanori Ikunaga, a Tokyo-based fund manager at Sumitomo Mitsui Asset Management.
‘The yen is getting a boost not only from waning risk sentiment but also falling oil, which yesterday showed Japan’s trade figures improving,’ he added.
Equity markets have been shaken by oil prices plunging to near six-year lows with US benchmark West Texas Intermediate for February falling 58 US cents to $US45.31 on Wednesday, while Brent slipped 54 US cents to $US46.05.
Both contracts were hammered on Tuesday after two members of OPEC said the cartel could not prevent prices from plunging further, despite losing more than 50 per cent since June.
On Wall Street oil woes hit the three main indexes, with the Dow losing 0.15 per cent, the SP 500 down 0.26 per cent and the Nasdaq dipping 0.07 per cent.
The yen rose against other currencies on safe-haven buying, a negative for Japanese exporters as the stronger currency makes them less competitive abroad and erodes repatriated profits.
Toyota shares fell 1.63 per cent to 7,396.0 yen, Sony dropped 3.43 per cent to 2,433.5 yen, and oil refiner JX Holdings lost 3.97 per cent to end at 420.4 yen.
In forex markets, the US dollar slipped to 116.79 yen, from 117.90 yen in New York and above 118 yen in Tokyo earlier on Tuesday.
shanghai shares start week with losses 25 june 2018
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