"The CPI has often caused turbulence until now, so a lot of investors want to wait and see what happens," said a strategist at a domestic securities firm. Overall, the market lacked direction as it awaited the Consumer Price Index (CPI) report on Thursday, which will be scoured for clues to inflation and rate hikes that could follow to tame it. Topix transportation equipment stocks were up 1.06%, though that included several automakers like Mitsubishi Motor, which fell 3.91%. The Japanese currency hadn't fallen below 146 since 1998, and the Ministry of Finance intervened to prop it up in September when it reached 145.9.Ī weaker yen can help some Japanese exporters, who benefit from cheaper foreign sales. The yen plunged to new 24-year lows, falling as far as 146.39 to the dollar. Shares in Socionext closed at 4,200 yen, 15.07% higher than the initial offer price. "For now, it seems the market will be selling off high-tech stocks and buying stocks related to domestic demand," he said.ĭemand was strong for system-on-chip designer Socionext Inc, however, which started trading on Wednesday after what is said to be the biggest IPO in Japan so far this year.
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