TOKYO, May 2 (News On Japan) – Nikkei’s average stock price fell on May 1 on concerns that the start of US interest rate cuts could be delayed. In the morning, the decline exceeded 300 yen at one point.
However, as the afternoon progressed, a so-called buy-the-dip move spread, briefly pushing the index into positive territory.
Nevertheless, the index struggled to maintain these gains, closing at 38,274 yen, down 131 yen from the previous day.
Ichikawa Masahiro of Sumitomo DS Asset Management commented on the situation: “This is the Tokyo market after the FOMC. There is a natural warning in the market that Japanese stocks could fall again today. Yesterday there were some buybacks where profits were quickly turned into taken, and many investors were waiting for the FOMC announcement early this morning.”
Accordingly, Nikkei futures have fallen significantly, reflecting a sharp rise in the yen.
Source: ANN
