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Japan Nikkei falls on US rate hike woes, ex-dividend selling
(14:53, 28 Sep 2023)
Japan stock market finished session lower on Thursday, 28 September 2023, as investors remained wary of prolonged U.S. monetary tightening amid rising oil prices. Also, market decline came as many investors offloaded variety of shares after securing dividend payout rights for companies that count September as the end of their half-year.

The 225-issue Nikkei Stock Average index dropped 499.38 points, or 1.54%, to finish at 31,872.52. The broader Topix index of all First Section issues on the Tokyo Stock Exchange declined by 34.02 points, or 1.42%, to 2,345.51.

Shares of energy companies gained on tracking rally higher crude oil prices, while air transportation issues on concerns over rising costs. Among oil and coal related stocks, Inpex climbed 2.5% to 2,323 yen and Japan Petroleum Exploration advanced 1.4% to 5,870 yen. Among aviation stocks, Japan Airlines fell 2.9% to 2,932.5 yen and ANA Holdings sank 3.3% to 3,165 yen.

Shares of exporters and chip-related companies declined. Tokyo Electron fell 1.85% to 19,925 yen, and Advantest fell 1.05% to 4,060 yen.

Among individual stocks, Sony Group dropped 1.45% to 12,225 yen, after the firm announced that the veteran leader of its PlayStation business Jim Ryan will retire after 30 years with the group.

Mitsubishi Motors jumped 3.2% to 669.9 yen, following a report that it planned to pull out from its production operations in China.

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