Tokyo Stocks End Lower After Meta Results

Tokyo, (UrduPoint / Pakistan Point News - 25th Apr, 2024) Tokyo stocks ended lower on Thursday with investors spooked by Facebook parent Meta's disappointing business outlook.

The benchmark Nikkei 225 index fell 2.16 percent, or 831.60 points, to end at 37,628.48, while the broader Topix index dropped 1.74 percent, or 47.20 points, to 2,663.53.

The Dollar fetched 155.63 yen, against 155.31 Yen in New York overnight.

In Tokyo, traders were focused on the yen after it fell to a 34-year low of 155.45 to the dollar, stoking speculation over a possible government intervention in forex markets to prop up the Japanese Currency.

Meanwhile, Facebook owner Meta on Wednesday said profits soared last quarter, but worries about the cost of artificial intelligence saw its share price take a hit on Wall Street.

Meta shares were down nearly 17 percent in after-hours trading on Wednesday, with investors concerned by signs that expenditure was creeping back up.

"Regarding US futures, the tech-rich Nasdaq dropped significantly... which led to the Nikkei opening with falls," IwaiCosmo Securities said.

Among major shares in Tokyo, SoftBank Group trimmed 1.96 percent to 7,603 yen, Sony Group lost 0.62 percent to 12,760 yen.

Toyota plunged 3.34 percent to 3,497 yen after announcing figures that showed the auto titan missed its unit sales target for the 2023-24 financial year.

Uniqlo operator Fast Retailing also lost 3.57 percent to 41,540 yen.