Japanese stocks

TOKYO (Archyde.com) – Japan’s Nikkei index closed at a two-week low on Wednesday, tracking Wall Street’s overnight decline on concerns regarding a global economic slowdown and the impact of the COVID-19 shutdown in China on domestic corporate results. The Nikkei index fell by 1.17 percent to close at 26,386.63 points, its lowest level since April 12. The broader Topix index lost 0.94 percent to close at 1860.76 points. Wall Street tumbled overnight, with the Nasdaq closing at its lowest level since December 2020, as investors worried regarding slowing global growth and the Federal Reserve’s moves on monetary policy. “Before the peak earnings season in Japan, the outlook for companies has become more uncertain due to the impact of China’s shutdown and rising energy costs,” said Shogo Maekawa, global market analyst at JPMorgan Asset Management. Investors are concerned regarding economic growth in China, as Beijing races to stamp out an emerging COVID-19 outbreak in the capital and avoid the same month-long shutdown imposed in Shanghai. Fanuc fell 5.72 percent, the biggest loser on the Nikkei index, following the robot maker’s annual operating profit missed expectations. Kikkoman shares fell 12.63 percent following a report that the soy sauce maker did not disclose expectations due to the increase in costs. And chipmaker Tokyo Electron lost 1.49 percent.

TOKYO (Archyde.com) – Japanese stocks rose on Wednesday for a second straight session, as technology heavyweights tracked gains in Wall Street overnight, while a recent decline in the yen helped boost automakers’ shares. The Nikkei index closed up 0.86 percent at 27,217.85 points, while the broader Topix index closed with an increase of 1.03 percent to 1915.15 points. “US Treasury yields were rising, so investors mightn’t buy growth stocks impulsively,” said Hideyuki Suzuki, general manager of investment research at SBI Securities. Shares of Fast Retailing, owner of clothing store Unilco, provided the biggest boost to the Nikkei, which rose 2.5%, followed by SoftBank Group, which invests in technology, which gained 1.44 percent. Shares of auto and auto parts companies led the gains in the Tokyo Stock Exchange’s 33 sub-sector indices, which jumped 3.39 percent following the yen fell to its lowest level once morest the dollar in 20 years. Toyota Motor shares jumped 3.74 percent, the main supporter of the Topix index. Honda Motor Co. rose 3.59 percent. Chip-related heavyweight Tokyo Electron lost 1.25 percent, and Advantest fell 1.29%. 181 stocks advanced on the Nikkei index once morest 40 losers.