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Nikkei 225 Slips 0.3% on Wall Street Cues, Inflation Outlook, IMF Forecast

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Last updated: 10/13/2021 06:06:53

06:06 AM EDT, 10/13/2021 (MT Newswires) -- The Nikkei 225 opened lower Wednesday on Wall Street cues, rallied, but could not hold onto gains, and finished off 0.3% as traders awaited the monthly US consumer price index report from Washington.

Also undercutting sentiments, the International Monetary Fund has reduced Japan's expected economic growth to 2.4% in 2021 from a 2.8% estimate made in July, as the tenacious COVID-19 pandemic slows the Japan and regional economies of Asia.

The benchmark Nikkei 225 fell 90.33 to 28,140.28, as losing issues outnumbered gainers 143 to 79.

Leading the upside on a down day were J Front Retailing (JFROF, 3086:Tokyo), up 8.6% after reporting earnings, followed by Mitsubishi Motors (MMTOF, 7211:Tokyo), up 5.4%, and then entertainment house Toho (TKCOF, 9602:Tokyo), up 3.9%.

On the downside were materials-and-electronics maker Taiyo Yuden (TYOYY, 6976:Tokyo), off 6.1%, and then shipping line Mitsui OSK (MSLOF, 9104:Tokyo), off 3.7%.

In economic news, the value of machinery orders received by 280 Japanese manufacturers decreased by 7.8% in August from July, the Cabinet Office reported. Private-sector machinery orders, excluding the volatile ones for ships and those from electric power companies, declined a seasonally adjusted 2.4% in August from July.

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