Japanese stocks fell on Monday, as sentiment was hit by a strong yen and weak performance on Wall Street, while investors shift their attention to the U.S. presidential debate.
The Nikkei Share Average slid 0.5% to 16, 674.67 during mid-morning trade. A few defensive stocks including drugmakers and food manufacturers outperformed on Monday while exporters fell as dollar weakened 0.2% to 100.800 yen. Meanwhile, the Topix was down 0.6% to 1, 341.49 while the JPX-Nikkei Index 400 lost 0.6% to 12, 027.28.
Traders stated that majority of investors would be on standby waiting for the U.S. presidential debate later on Monday. While there is very low probability that the outcome of the debate will affect the Japanese market directly, investors will observe how the currency markets will move, particularly factors that will trigger a stronger yen trend that in turn will have a negative effect on stocks.
The material has been provided by InstaForex Company – www.instaforex.com