TOKYO: Tokyo stocks erased early gains to finish lower in Wednesday trading, as Turkey’s currency crisis fueled concerns of contagion to other emerging economies and pressured Asian shares.
The benchmark Nikkei 225 index, which jumped more than two percent on Tuesday, lost 0.68 percent or 151.86 points to 22,204.22.
The broader Topix index was down 0.76 percent or 12.92 points at 1,698.03.
Tokyo shares opened higher after Wall Street advanced on Tuesday as Turkey’s lira recovered some ground.
But they soon fell into negative territory as Turkey’s financial woes continued weighing on investor sentiment in the region, sending key Asian shares down.
“While the lira is stabilising, investors are still concerned that the crisis will spread to other emerging economies and currencies,” said Hikaru Sato, senior technical analyst at Daiwa Securities.
“Trading is expected to remain nervous for now,” Sato told AFP.
Investors were watching closely after the lira hit record lows on Monday and equity markets dropped sharply on concerns Turkey’s financial crisis could spread globally.
“Risk aversion triggered by the lira’s plunge is taking a breather for now,” Okasan Online Securities chief strategist Yoshihiro Ito said in a commentary.
But he noted Turkish President Recep Tayyip Erdogan had not eased his tough stance as he said Turkey would boycott US electronic goods like the iPhone in response to punitive sanctions from Washington.
“We can’t take our eyes off the Turkish situation as how this will develop is increasingly uncertain,” Ito said.
Earlier Wednesday, Turkey announced it was hiking tariffs on a range of US goods in “retaliation for the conscious attacks on our economy by the US administration.”
The dollar was at 111.26 yen in Asian afternoon trade against 111.21 yen in New York Tuesday afternoon.
In individual stocks trade, shares of game makers plunged as China’s regulators have reportedly frozen approvals of game licenses amid a government shakeup.
Online game company Nexon slumped 5.85 percent to 1,318 yen, general game maker Capcom dropped 2.70 percent to 2,558 yen and Nintendo was down 2.95 percent at 34,850 yen.
Toyota fell 0.71 percent to 6,815 yen as Nissan lost 0.38 percent to 1,033.5 yen.
Panasonic dropped 1.13 percent to 1,390.5 yen with Sony down 0.39 percent at 6,000 yen.
Tokyo stocks down as Turkey jitters continue
Tokyo stocks down as Turkey jitters continue
- Tokyo stocks erase early gains to finish lower in Wednesday trading, as Turkey’s currency crisis fuels concerns of contagion to other emerging economies
- Tokyo shares opened higher after Wall Street advanced on Tuesday as Turkey’s lira recovered some ground
Industry leaders highlight Riyadh’s Metro, infrastructure as investment catalysts
RIYADH: Saudi Arabia’s capital, Riyadh, is experiencing a transformative phase in its real estate sector, with the construction market projected to reach approximately $100 billion in 2025, accompanied by an anticipated annual growth rate of 5.4 percent through 2029.
The Kingdom is simultaneously advancing its data center capacity at an accelerated pace, with an impressive 2.7 GW currently in the pipeline. This expansion underscores the critical role of strategic land and power planning in establishing national infrastructure as a cornerstone of economic growth.
These insights were shared by leading industry experts during JLL’s recent client event in Riyadh, which focused on the city’s macroeconomic landscape and emerging trends across office, residential, retail, hospitality, and pioneering sectors, including AI infrastructure and Transit-Oriented Development.
Saud Al-Sulaimani, Country Lead and Head of Capital Markets at JLL Saudi Arabia, commented: “Riyadh is positioned at the forefront of Saudi Arabia’s Vision 2030, offering unparalleled opportunities for both investors and developers. National priorities are continuously recalibrated to ensure strategic alignment of projects and foster deeper collaboration with the private sector.”
He added: “Recent regulatory developments, including the introduction of the White Land Tax and the rent freeze, are designed to stabilize the market and are expected to drive renewed focus on delivering premium-quality assets. This dynamic environment, coupled with evolving construction cost considerations in select segments, is fundamentally reshaping the market landscape while accelerating progress toward our national objectives.”
The event further underscored the transformative impact of infrastructure initiatives. Mireille Azzam Vidjen, Head of Consulting for the Middle East and Africa at JLL, highlighted Riyadh’s transit revolution. She detailed the Riyadh Metro, a $22.5 billion investment encompassing 176 kilometers, six lines, and 84 stations, providing extensive geographic coverage, with a depth of 9.8 km per 100 sq. km. This strategic development generates significant TOD opportunities, with properties in proximity potentially commanding a 20-30 percent premium. JLL emphasized the importance of implementing climate-responsive last-mile solutions to enhance mobility and accessibility, particularly given Riyadh’s extreme temperatures.
Gaurav Mathur, Head of Data Centers at JLL, emphasized the rapid expansion of the Kingdom’s AI infrastructure, signaling a critical area for technological investment and innovation.
Focusing on the construction sector, Maroun Deeb, Head of Projects and Development Services, KSA at JLL, explained that the industry is actively navigating complexities such as skilled labor availability, material costs, and supply chain dynamics.
He highlighted the adoption of Building Information Modeling as a key driver for enhancing operational efficiency and project delivery.
