Japan Shares Trim Losses at The Close

Japanese stocks fell slightly at the close of today’s session, and cyclical companies and oil companies led the decline but trimmed losses after a media report that Prime Minister Fumio Kishida’s stimulus package will be larger than expected.

The Nikkei index closed down 0.3% to 29,598.66 points but trimmed its losses significantly after the Japanese Nikkei newspaper reported that the country’s economic stimulus package would likely include fiscal spending of about 55.7 trillion yen ($488 billion).

This exceeds market expectations of 30-40 trillion yen.

The broader Topix index fell 0.14 percent to 2,035.52 points.

Shares of cyclical companies such as shipping companies and steel manufacturers were among the biggest losers.

Oil-related stocks also fell as crude prices fell after a Reuters report that the United States had asked major oil consumers such as China and Japan to consider a coordinated withdrawal of reserves.

Inpex shares fell 7.1%, while Idemitsu Kosan shares lost 3.6%.