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As on : 08-Oct-2024

Market Commentary - Foreign Markets
08-Oct-2024 16:38

Japanese stocks tumble after household spending data

Japanese markets tumbled as better-than-expected Japanese household spending data lifted demand for yen and dampened exporters' shares.

The Nikkei average dropped 1 percent to 38,937.54, snapping a three-day winning streak. The broader Topix index settled 1.47 percent lower at 2,699.15. Technology startup investor SoftBank Group fell 1.9 percent to drag the Nikkei index the most.

Japan posted a current account surplus of 3.804 trillion yen in August, the Ministry of Finance said on Tuesday.

Imports were up 1.3 percent on year to 8.766 trillion yen, while imports climbed an annual 6.2 percent to 8.388 trillion yen for a trade deficit of 377.9 billion yen.

The capital account showed a deficit of 24.4 billion yen, while the financial account saw a surplus of 4.187 trillion yen.

The average of household spending was down 1.9 percent on year in August, the Ministry of Economy, Trade and Industry said on Tuesday - coming in at 297,487 yen.

The average of monthly income per household stood at 574,334 yen, up 2.0 percent on year.

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