The Tokyo Stock Exchange in cautious decline, an eye on China

The Tokyo Stock Exchange was off to a weak start on Monday morning, clouded by the pullback in tech stocks on Wall Street on Friday and monitoring protests in China against the “zero covidfrom Beijing. The flagship Nikkei index lost 0.26% to 28,209.78 points around 0045 GMT and the broader Topix index fell 0.42% to 2009.51 points.

Several hundred people demonstrated over the weekend in several Chinese cities, notably in Shanghai, to denounce the draconian health restrictions, a rare demonstration of hostility towards the regime of President Xi Jinping.

«Protests against the zero-Covid policy are a double-edged sword. If they expand further it will be a negative factor (for the markets, editor’s note), but if the policy changes it will become a positive factor“commented Shoji Hirakawa of the Tokai Tokyo Research Institute, quoted by the Bloomberg agency.

On the side of values

The action of industrial conglomerate Toshiba gained 0.33% to 4,722 yen. According to information from the Jiji agency published on Saturday, the consortium led by the Japan Industrial Partners fund, nominated by Toshiba as a candidate “preferentialfor its takeover, plans to launch a takeover bid by the end of March. He plans to buy all Toshiba shares before delisting the group and renewing its management, according to Jiji.

On the side of currencies and oil

The Japanese currency rose against the dollar, which traded for 138.93 yen around 12:50 a.m. GMT against 139.19 yen on Friday at 9:00 p.m. GMT. The yen also rose against the euro, which was worth 144.23 yen against 144.69 yen at the end of last week. And the euro was trading for $1.0383 against $1.0395 on Friday.

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The oil market fell: around 00:40 GMT the price of a barrel of American WTI dropped 0.31% to 76.04 dollars and that of a barrel of Brent from the North Sea 0.26% to 83.41 dollars.

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