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Japan's Nikkei falls as chip shares track U.S. peers lower

08/09/2022 | 11:09pm EDT

TOKYO, Aug 10 (Reuters) - Japan's Nikkei index fell on Wednesday, as heavyweight chip-related stocks tracked losses in Micron Technology and its U.S. peers.

The Nikkei share average was down 0.83% at 27,767.07 by the midday break, while the broader Topix slipped 0.35% to 1,930.22.

The Nasdaq closed lower overnight after a dismal forecast from Micron Technology pulled chip makers and tech stocks down, with investors awaiting U.S. inflation data.

Chip-making equipment maker Tokyo Electron fell 2.59% and chip-testing equipment maker Advantest lost 3.8%.

Other heavyweights were also weak, with Uniqlo clothing shop owner Fast Retailing losing 2.75% and medical services platform M3 sliding 3.84%.

Companies that reported robust earnings gained.

Sumitomo Forestry jumped 8.58% after the home builder switched its annual net forecast to positive from a loss.

Rohto Pharmaceutical surged 16.6% after the drug maker raised its annual profit forecast.

"The market responded those with positive earnings," said Maki Sawada, a strategist at Nomura Securities.

"But investors are cautions as they await U.S. inflation data that would gauge the Federal Reserve's pace of rate hike, as well as ahead of a market close tomorrow in Japan."

Japanese markets will be closed for a national holiday on Thursday.

Drug maker Daiichi Sankyo was up 1.17% and the top performer among the top 30 core Topix names, followed by cosmetic maker Kao Corp. (Reporting by Junko Fujita; editing by Uttaresh.V)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION 1.85% 7150 Delayed Quote.-35.60%
DAIICHI SANKYO CO., LTD. 3.19% 4237 Delayed Quote.40.38%
FAST RETAILING CO., LTD. 2.02% 77860 Delayed Quote.16.86%
KAO CORPORATION 3.68% 5916 Delayed Quote.-5.20%
KEYENCE CORPORATION 3.76% 50250 Delayed Quote.-33.00%
M3, INC. 5.26% 4285 Delayed Quote.-29.73%
MICRON TECHNOLOGY, INC. 3.23% 51.72 Delayed Quote.-44.48%
NASDAQ COMPOSITE 2.27% 10815.43 Real-time Quote.-32.40%
NIKKEI 225 2.96% 26992.21 Real-time Quote.-9.91%
NOMURA CO., LTD. 4.89% 944 Delayed Quote.-5.56%
NOMURA CORPORATION 0.65% 1088 Delayed Quote.23.40%
ROHTO PHARMACEUTICAL CO.,LTD. 1.98% 4630 Delayed Quote.30.65%
SUMITOMO FORESTRY CO., LTD. 3.44% 2287 Delayed Quote.-0.67%
TOKYO ELECTRON LTD. 2.68% 38340 Delayed Quote.-43.66%
TOPIX INDEX 3.21% 1906.89 Delayed Quote.-7.85%
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