Nikkei heading for fourth day of losses

<p>The Nikkei is down for the fourth day in a row.</p>

The Nikkei was down over the course of the morning session today (May 2nd) and the index is heading for a fourth day of losses in a row.

It fell 0.5 per cent to 13,729.22 points and will not reopen until Tuesday due to the fact both Friday and Monday are public holidays in Japan.

Masayuki Doshida, senior market analyst at Rakuten Securities, told Reuters the four-day weekend means a lot of investors are currently reluctant to take a position.

He pointed out that key events are set to take place abroad and these are also expected to have an impact on the index, with the European Central Bank announcing whether or not it is cutting interest rates later today.

"But buying interest in Japan stocks remains strong, helping to limit the Nikkei's downside as well as to prompt a rally in the smaller-caps," Mr Doshida said.

Gains in Fujifilm Holdings Corp and Kao Corp helped to prop up the Nikkei during yesterday's trading, but the index was still down by 0.4 per cent.

Learn about the Asian markets and CFD trading at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.