TOKYO: Tokyo stocks fell on Monday as concerns about a global slowdown lingered and amid continued uncertainty over the US Federal Reserve’s monetary policy.
The Nikkei Stock Average fell 245.84 points, or 1.3 per cent, to 18890.48 following a 3.0 per cent rise on Friday.
While market volatility appears to have eased compared with the recent sessions, worries about the global economic growth continued.
During an economic symposium over the weekend, Fed Vice Chairman Stanley Fischer avoided sending a clear signal about whether the Fed will raise rates at its next meeting in September, clouding the policy outlook in the world’s biggest economy.
“We’ll be waiting for the FOMC (Federal Open Market Committee) meeting” scheduled September 16-17, said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management.
Growth-sensitive major exporters fell. Daikin Industries Ltd lost 2.3 per cent to Y7,238. Keyence Corp dropped 3.2 per cent to Y56,390.
Among other individual stocks, Suzuki Motor Corp fell 0.5 per cent to Y4,129.5. The stock rose initially following the news over the weekend that an international arbitrator ruled that an alliance between Suzuki and Volkswagen AG has been terminated. The arbitrator ordered the German car maker to dispose of its 19.9 per cent stake in the Japanese auto maker.
