Radiocor News

Japanese shares close lower

Tokyo Nikkei 225 down 1.17% at 38,646 points (Il Sole 24 Ore Radiocor) - Tokyo , 24 May - Japanese shares closed sharply lower, retreating from yesterday's gains amid weak Asian markets as prospects of higher-for-longer US interest weighed on sentiment in the region.

Also keeping sentiment in check, Japan's core inflation decelerated for the second consecutive month in April as food prices cooled, reflecting persistent weakness in spending, according to government data.

Inflation however remained well above the central bank's 2% target.

Bank of Japan governor Kazuo Ueda indicated that the economy is poised for a moderate recovery, suggesting that the first-quarter GDP slump alone would not prevent the central bank from potentially raising interest rates in the coming months.

The Nikkei index closed down 1.17% at 38,646 points, again slipping below the 39,000-point mark.

The benchmark index fell nearly 5% last month following a surge to an all-time high earlier this year.

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(RADIOCOR) 24-05-24 08:49:55 (0160) 5 NNNN

 


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