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Japan's Nikkei subdued as chip weakness offsets SoftBank, automaker gains

06/08/2022 | 10:38pm EST

TOKYO, June 9 (Reuters) - Japan's Nikkei index gave up early gains to trade little changed on Thursday, as the drag from shippers and chip-related shares offset rises in energy stocks and automakers.

The Nikkei share average was about flat at 28,238.19 as of 0154 GMT, off its earlier gains of 0.31% that took it to 28,322.28, a level not seen since late-March. The benchmark had rallied close to 10% over the four weeks to Wednesday.

The broader Topix edged up 0.04% to 1,970.82.

"From a technical point of view, the Nikkei's recent rally seems heated, and a correction at any moment wouldn't be unusual, but right now stocks are getting support from the yen's steep decline," said Nomura Securities strategist Maki Sawada.

Of the Nikkei's 225 component stocks, 114 rose versus 98 that fell and 13 were flat.

Energy was by far the Nikkei's best performing sector, up over 2% amid a climb in crude oil prices. Inpex rallied 2.86%.

Car and motorcycle manufacturers gained, led by a 3.54% climb for Yamaha and a 2.35% advance for Subaru , as the yen retreated as far as 134.56 per dollar , extending a two-decade trough and boosting the value of U.S. sales. Toyota added 0.47%.

Startup investor SoftBank Group was up 2.26%, after having jumped more than 5%, as shares of one of its top investments — Alibaba — rallied on Wednesday along with other Chinese tech names.

However chip-making equipment manufacturers dragged, following a 2.39% overnight slump for the Philadelphia SE Semiconductor Index. Tokyo Electron slid 2.93% and Advantest lost 2.73%.

Shippers tumbled, with Kawasaki Kisen being the Nikkei's biggest percentage decliner, suffering a 7.49% drop. Mitsui O.S.K. Lines slumped 6.88% and Nippon Yusen fell 6.33%.

Electronics maker Sharp tumbled 7.27% after forecasting a one-third drop in profit. (Reporting by Tokyo markets team; editing by Uttaresh.V)

ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION -0.54% 9260 Delayed Quote.-14.59%
ALIBABA GROUP HOLDING LIMITED -3.82% 75.5 Delayed Quote.-36.44%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) -1.36% 92.24 Delayed Quote.12.38%
BRENT OIL -2.39% 81.4 Delayed Quote.9.14%
BRITISH POUND / JAPANESE YEN (GBP/JPY) -0.84% 166.533 Delayed Quote.8.05%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) -1.23% 102.632 Delayed Quote.14.16%
EURO / JAPANESE YEN (EUR/JPY) -0.91% 143.14 Delayed Quote.10.54%
INDIAN RUPEE / JAPANESE YEN (INR/JPY) -0.74% 1.69076 Delayed Quote.10.24%
INPEX CORPORATION -2.30% 1528 Delayed Quote.56.09%
JAPANESE YEN / SWISS FRANC (JPY/CHF) 0.81% 0.6844 Delayed Quote.-14.21%
KAWASAKI KISEN KAISHA, LTD. -1.49% 2579 Delayed Quote.13.50%
MITSUI O.S.K. LINES LTD -0.15% 3245 Delayed Quote.14.17%
MOTORCYCLE HOLDINGS LIMITED 0.83% 2.42 Delayed Quote.-25.93%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) -1.04% 85.719 Delayed Quote.10.43%
NIKKEI 225 -0.42% 28162.83 Real-time Quote.-1.77%
NIPPON YUSEN KABUSHIKI KAISHA -0.44% 2934.5 Delayed Quote.0.94%
NOMURA CO., LTD. -1.04% 1045 Delayed Quote.10.81%
NOMURA CORPORATION -0.70% 999 Delayed Quote.14.84%
S&P GSCI CRUDE OIL INDEX -2.83% 406.7191 Real-time Quote.1.42%
SHARP CORPORATION -0.31% 968 Delayed Quote.-26.50%
SOFTBANK GROUP CORP. -0.61% 6042 Delayed Quote.11.87%
SUBARU CORPORATION -0.71% 2308.5 Delayed Quote.13.03%
TOKYO ELECTRON LTD. -1.56% 45300 Delayed Quote.-30.57%
TOPIX INDEX -0.68% 2004.31 Delayed Quote.1.29%
TOYOTA INDUSTRIES CORPORATION 0.64% 7920 Delayed Quote.-14.36%
TOYOTA MOTOR CORPORATION -1.05% 2033 Delayed Quote.-2.42%
US DOLLAR / JAPANESE YEN (USD/JPY) -1.03% 137.858 Delayed Quote.20.89%
WTI -2.50% 74.153 Delayed Quote.3.43%
YAMAHA CORPORATION 0.56% 5350 Delayed Quote.-6.17%
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