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Tokyo stocks turn modestly lower ahead of Yellen speech

by Jonathan Adams

Stocks retreated moderately on the Tokyo Stock Exchange on Thursday, dampened by a Wall Street setback overnight and position-adjustment selling prior to a speech by the chair of the U.S. Federal Reserve.

The Nikkei average lost 41.35 points, or 0.25 per cent, to end at 16,555.95. On Wednesday, it climbed 99.94 points.

The Topic index fell 2.44 points, or 0.19 per cent, to end at 1,304.27, after rising 9.15 points the previous day.

The Tokyo market met with selling from the outset on the heels of overnight falls in stocks and crude oil futures in New York.

After the initial selling ran its course, however, stocks showed some resilience on the back of the yen’s easing against the dollar, brokers said.

The Nikkei popped into positive territory in the early afternoon, pushed up by futures-led buying. But it soon lost steam amid a dearth of fresh incentives.

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