Market Watch: Nikkei Struggles with US Fiscal Policy

TOKYO, May 02 (News On Japan) - The Nikkei average stock price fell on May 1st due to concerns that the start of US rate cuts might be delayed. In the morning, the decline exceeded 300 yen at one point.

However, as the afternoon progressed, a so-called "buy-the-dip" movement expanded, briefly lifting the index into positive territory.

Nevertheless, the index struggled to maintain these gains and closed at 38,274 yen, down 131 yen from the previous day.

Ichikawa Masahiro from Sumitomo DS Asset Management commented on the situation: "This is the Tokyo market post-FOMC. There is a natural caution in the market that Japanese stocks might fall again today. Yesterday saw some buying back where profits were quickly taken, and many investors were waiting for the FOMC announcement early this morning."

Correspondingly, Nikkei futures have dropped significantly, mirroring a sharp rise in the yen.

Source: ANN

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