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Japan's Nikkei little changed ahead of key US data, central bank meetings
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Japan's Nikkei little changed ahead of key US data, central bank meetings
Jun 6, 2024 11:55 PM

(Updates at 0600 GMT)

TOKYO, June 7 (Reuters) - Japan's Nikkei share average

was little changed on Friday as investors sought further

direction from a key U.S. jobs report due later in the day and

central bank meetings in the United States and Japan next week.

The Nikkei closed at 38,683.90, down 0.05% on the

day. For the week, it rose 0.44%.

Of the 225 stocks on the Nikkei, 121 rose and 104 fell.

The broader Topix was also largely flat, inching

down 0.08% to 2,755.03. The index posted a 0.63% loss for the

week.

"It was hard for investors to actively buy stocks ahead of

key data and events," said Jun Morita, general manager of the

research department at Chibagin Asset Management.

"Particularly, the market was cautious about what sort of

message the Bank of Japan (BOJ) would send when the global

central banks are on track for rate cuts."

The U.S. nonfarm payrolls report, due at 1230 GMT, is

expected to provide clues on the timing of Federal Reserve

interest rate cuts.

Overnight, the European Central Bank cut interest rates for

the first time in nearly five years. The Bank of Canada pipped

the ECB to become the first G7 country to cut rates in this

cycle on Wednesday.

Among individual stocks, Shionogi ( SGIOF ) tanked 14% after

the company said its weight-loss drug failed to achieve the

weight-loss target rate of 5% in a test.

Chip-related stocks Tokyo Electron ( TOELF ) and Advantest ( ADTTF )

fell 0.78% and 2.29%, respectively. Technology investor

SoftBank Group slipped 0.58%.

The utility sector fell 1.29% to become the worst

performer among the Tokyo Stock Exchange's 33 industry

sub-indexes.

On the other hand, Lasertec ( LSRCF ) jumped 4.87% to become

the top percentage gainer on the Nikkei. However, the stock

declined 10.6% for the week amid an allegation of improper

accounting practices by Scorpion Capital, which the microchip

equipment maker denied.

(Reporting by Junko Fujita; Editing by Subhranshu Sahu and

Varun H K)

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