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Japan's Nikkei edges lower as strong yen weighs; Nvidia earnings in focus
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Japan's Nikkei edges lower as strong yen weighs; Nvidia earnings in focus
Aug 29, 2024 9:08 AM

TOKYO, Aug 28 (Reuters) - Japan's Nikkei share average

edged lower on Wednesday as a strengthening yen weighed on the

index's many exporters, while looming earnings from AI darling

Nvidia later in the day kept investors cautious.

The Nikkei was down 0.3% at 38,167.80 as of 0019

GMT, continuing its narrow fluctuations since mid-month anchored

around the psychological 38,000 mark.

Of the index's 225 components, 177 fell, 45 rose, while

three were trading flat.

The broader Topix slipped 0.3%.

The yen was little changed at 144.14 per dollar,

but strengthened as far as 143.45 at the start of the week from

149.305 on Aug. 15. A stronger yen reduces the value of overseas

sales, while also making stocks more expensive for overseas

investors.

Most automakers fell, with Nissan ( NSANF ) down 1.25% and

Mazda ( MZDAF ) sliding 1.52%.

However, Toyota Motor ( TM ) rose 2.29%.

Semiconductor-sector shares were mixed, with chip-testing

equipment maker and Nvidia supplier Advantest ( ADTTF ) rising

2.33% to be the Nikkei's biggest gainer by index points.

At the same time, chip-testing machinery giant Tokyo

Electron ( TOELF ) was the biggest drag on the index with a 1.79%

decline.

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