TOKYO, July 6 (Reuters) - Japanese shares fell on Wednesday,
with energy stocks leading losses, as sentiment was weighed by
fears of a global economic slowdown.
The Nikkei share average fell 1.26% to 26,089.86 by
the midday break, while the broader Topix slipped 1.37%
"Investors' focus have shifted to slowdown risks stemming
from the ongoing tightening monetary policy," said Ikuo Mitsui,
fund manager at Aizawa Securities.
"Wall Street rose overnight but that was because investors
bought back growth shares that were beaten-down on concerns
about rate increases."
In Japan, oil explorers tumbled almost 10% to
become the worst performer among the 33 industry sub-indexes on
the Tokyo Stock Exchange.
Crude futures rebounded on Wednesday as investors piled
back in after the heavy rout in the previous session, shifting
their focus again to supply concerns even as worries about a
Refiners lost 6.33% and utilities fell
Oil explorer Inpex was the worst performer on the
Nikkei, down 9.92%, followed by refiner Idemitsu Kosan,
which lost 7.89%. Utility Tokyo Electric Power Company Holdings
Travel and leisure-related shares also fell, as mass
COVID-19 testing in China stocked fears of potential lockdowns.
Railways and airliners slipped 1.57%
and 2.85%, respectively.
Trading firms Mitsui & Co and Mitsubishi Corp
fell 5.71% and 5.4%, respectively, after former Russian
president Dmitry Medvedev made comments threatening the loss of
oil and gas supply to Japan.
Bucking the trend, Eisai jumped 4.89% after the
drug maker and its partner Biogen said the U.S. Food
and Drug Administration will expedite its review of experimental
Alzheimer's drug lecanemab.
(Reporting by Junko Fujita; Editing by Amy Caren Daniel)