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EQUITIES: Japanese Equities Struggle As Yen Climbs

EQUITIES
EquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • Japanese stocks are lower this morning as the yen's three-day advance against the USD weighed on export-heavy sectors like automakers and tech. The Topix is 0.4% lower while the Nikkei 225 trades 0.40% lower, Toyota Motor is the biggest drag on the Topix, falling 3.4%, while Tokyo Electron trades 1.80% lower and Fast Retailing trades 1% lower.
  • Japanese Banking stocks are outperforming the wider market, with the TOPIX Banks Index up 0.10% as the 10yr JGB yields near fresh cycle highs, with traders pricing a 60% chance of a BoJ rate hike next month. Rising labor costs and pressure from PM Ishiba to boost wages in 2025 are pushing firms to increase service prices at a 32-year-high pace.
  • Market sentiment was pressured by concerns over Donald Trump’s tariff threats and the yen's appreciation. However, optimism around Middle East developments, particularly a cease-fire agreement between Israel and Hezbollah that helped stabilize oil prices, provided some offsetting relief. Focus in the region will now turn to the RBNZ where they are expected to cut rates by 50bps.
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  • Japanese stocks are lower this morning as the yen's three-day advance against the USD weighed on export-heavy sectors like automakers and tech. The Topix is 0.4% lower while the Nikkei 225 trades 0.40% lower, Toyota Motor is the biggest drag on the Topix, falling 3.4%, while Tokyo Electron trades 1.80% lower and Fast Retailing trades 1% lower.
  • Japanese Banking stocks are outperforming the wider market, with the TOPIX Banks Index up 0.10% as the 10yr JGB yields near fresh cycle highs, with traders pricing a 60% chance of a BoJ rate hike next month. Rising labor costs and pressure from PM Ishiba to boost wages in 2025 are pushing firms to increase service prices at a 32-year-high pace.
  • Market sentiment was pressured by concerns over Donald Trump’s tariff threats and the yen's appreciation. However, optimism around Middle East developments, particularly a cease-fire agreement between Israel and Hezbollah that helped stabilize oil prices, provided some offsetting relief. Focus in the region will now turn to the RBNZ where they are expected to cut rates by 50bps.