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Japanese shares end lower on caution ahead of Fed chair's testimony

07/14/2021 | 02:45am EDT

TOKYO, July 14 (Reuters) - Japanese shares closed lower after two straight sessions of gains on Wednesday, with investors holding their bets ahead of U.S. Federal Reserve Chair Jerome Powell's congressional testimony.

The Nikkei share average lost 0.38% to end at 28,608.49, while the broader Topix slipped 0.23% to 1,963.16. For the week so far, the Nikkei is up 2.4% so far, while the Topix is almost 2.7% higher.

"Investors are locking in their profits after sharp gains in the market. But until we see market indicators from corporate earnings reports, the market will be quiet," said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

"The market is also moving in a tight range, as investors await Powell's testimony, which will take place after U.S. consumer prices rose sharply."

U.S. consumer prices rose by the most in 13 years last month, while so-called core consumer prices surged 4.5% year over year, the largest rise since November 1991.

Powell's testimony on Wednesday and Thursday is in focus for his comments about rising price pressures and monetary support going forward.

In Japan, shippers led declines, with Kawasaki Kisen falling 4.14% in the biggest drop on the Nikkei.

Tire makers and airlines also fell, with Bridgestone losing 3.87%, while ANA Holdings and Japan Airlines fell 2.42% and 3.19%, respectively.

Yaskawa Electric fell 2.11%, retreating from a 3.14% gain this week after the robot maker raised its annual profit outlook.

Toho surged 11.09% after the film and entertainment company said its operating profit almost quadrupled in the latest quarter.

Takeda Pharmaceutical gained the most among the top 30 core Topix names with a gain of 1.74%, followed by Recruit Holdings rising 1.51%.

Hitachi, down 3.02%, was the biggest loser among the top 30 core Topix names, followed by Fanuc losing 1.82%.

(Reporting by Junko Fujita; editing by Uttaresh.V and Rashmi Aich)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ANA HOLDINGS INC. 2.03% 2643 End-of-day quote.16.07%
BRIDGESTONE CORPORATION 0.13% 5322 End-of-day quote.57.27%
FANUC CORPORATION 1.27% 26630 End-of-day quote.5.01%
HITACHI, LTD. 0.83% 6599 End-of-day quote.62.34%
JAPAN AIRLINES CO., LTD. 1.23% 2392 End-of-day quote.19.90%
KAWASAKI KISEN KAISHA, LTD. 4.24% 7620 End-of-day quote.260.80%
RECRUIT HOLDINGS CO., LTD. 1.40% 7050 End-of-day quote.63.16%
TAKEDA PHARMACEUTICAL COMPANY LIMITED 0.87% 3813 End-of-day quote.1.54%
TOHO CO., LTD. 0.19% 5320 End-of-day quote.22.30%
YASKAWA ELECTRIC CORPORATION 1.66% 6140 End-of-day quote.19.69%
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