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Japan's Nikkei ends lower, posts over 2% weekly drop on recession fears

09/16/2022 | 02:51am EST

TOKYO, Sept 16 (Reuters) - Japanese stocks closed lower on Friday and posted a weekly decline, as persisting worries about a global economic slowdown amid rising rates dragged Wall Street overnight.

The Nikkei share average ended 1.11% lower at 27,567.65 after plumbing its lowest level since Sept. 7 earlier in the session. The index lost 2.29% on the week.

The afternoon session saw little movement, however, with some market participants suggesting investors were holding back ahead of two national holidays in Japan and the Federal Open Market Committee's meeting next week.

"With the three-day weekend, the FOMC meeting, and the fact that next week only has three days of trading, it's hard to buy right now," said Hiroyasu Mori, a strategist at Okachi Securities.

The broader Topix index dropped 0.61%.

U.S. futures fell on Thursday after FedEx withdrew its financial forecast, warning of a deterioration in the global economy. Earlier in the day, all three major Wall Street indexes declined as a raft of economic data suggested the Federal Reserve would stay aggressive.

A study by the World Bank saying that a "moderate hit to the global economy over the next year could tip it into recession" also weighed on sentiment.

Of the Nikkei's 225 constituents, 153 declined and 72 advanced.

Technology stocks were weak, with the sector down 1.11%. Chip-making equipment manufacturer Tokyo Electron, a major contributor to the Nikkei, dropped 4.33% and weighed the most on the index.

Uniqlo parent Fast Retailing Co Ltd was the next biggest drag, losing 1.31%.

The utilities sector was the best performer and advanced 1.22% on gains from companies including Kansai Electric Power Co Inc, Tokyo Gas Co Ltd, and Osaka Gas Co Ltd .

The financial sector also gained, rising 0.65% overall. Fukuoka Financial Group Inc, Resona Holdings Inc , and Shizuoka Bank Ltd were three of the best performers on the index.

Toyota-owned truck maker Hino Motors Ltd rose 0.93% after announcing it would soon restart production on two models affected by a falsified emissions data scandal, but pared gains and was up 0.16% by the close.

Office equipment provider Ricoh Co Ltd gained 1.88% after announcing the acquisition of Cenero LLC, a privately held audiovisual IT solutions company, in a bid to expand its hybrid work services. (Reporting by Sam Byford and Tokyo markets team; editing by Uttaresh.V)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
FAST RETAILING CO., LTD. -0.02% 81740 Delayed Quote.24.58%
FEDEX CORPORATION 0.53% 181.41 Delayed Quote.-29.86%
FUKUOKA FINANCIAL GROUP, INC. -0.62% 2551 Delayed Quote.30.95%
HINO MOTORS, LTD -0.33% 606 Delayed Quote.-35.87%
NIKKEI 225 -1.59% 27777.9 Real-time Quote.-3.52%
OSAKA GAS COMPANY., LTD. -0.91% 2073 Delayed Quote.10.05%
RESONA HOLDINGS, INC. -1.26% 625.4 Delayed Quote.42.38%
RICOH COMPANY, LTD. -0.38% 1039 Delayed Quote.-2.61%
THE KANSAI ELECTRIC POWER CO., INC. -0.35% 1133 Delayed Quote.5.96%
THE SHIZUOKA BANK, LTD. -1.15% 943 Delayed Quote.16.06%
TOKYO ELECTRON LTD. -0.24% 46560 Delayed Quote.-29.48%
TOKYO GAS CO., LTD. -0.85% 2450 Delayed Quote.19.98%
TOPIX INDEX -0.23% 1949.34 Delayed Quote.-1.92%
TOYOTA INDUSTRIES CORPORATION -0.26% 7500 Delayed Quote.-17.85%
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