Home Blog Japanese stocks tumble after household spending data | Capital Market News

Japanese stocks tumble after household spending data | Capital Market News

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Japanese stocks tumble after household spending data | Capital Market News


Japanese markets tumbled as better-than-expected Japanese household spending data lifted demand for yen and dampened exporters’ shares.

The Nikkei average dropped 1 percent to 38,937.54, snapping a three-day winning streak. The broader Topix index settled 1.47 percent lower at 2,699.15. Technology startup investor SoftBank Group fell 1.9 percent to drag the Nikkei index the most.

Japan posted a current account surplus of 3.804 trillion yen in August, the Ministry of Finance said on Tuesday.

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Imports were up 1.3 percent on year to 8.766 trillion yen, while imports climbed an annual 6.2 percent to 8.388 trillion yen for a trade deficit of 377.9 billion yen.

 

The capital account showed a deficit of 24.4 billion yen, while the financial account saw a surplus of 4.187 trillion yen.

The average of household spending was down 1.9 percent on year in August, the Ministry of Economy, Trade and Industry said on Tuesday – coming in at 297,487 yen.

The average of monthly income per household stood at 574,334 yen, up 2.0 percent on year.

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First Published: Oct 08 2024 | 4:38 PM IST

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