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Japanese shares lack direction as Toyota, retailers negate tech gains

12/21/2021 | 10:45pm EDT

TOKYO, Dec 22 (Reuters) - Japanese shares struggled for direction on Wednesday, as a rally in chip and other tech-related stocks following a strong Wall Street session overnight offset weakness in Toyota and its group companies, and retailers including Uniqlo-owner Fast Retailing.

The Nikkei share average ended the morning session up 0.11%, while the broader Topix was unchanged.

"With few drivers to trade off, there's no real sense of direction to the market," said a market participant at a domestic securities firm.

Sharp and Sony were among the Nikkei's top percentage gainers, climbing 3.59% and 2.55% respectively.

Tokyo Electron was the biggest mover by index points, adding 0.69%, while fellow chipmaker Advantest advanced 1.12%. Startup investor SoftBank Group rose 0.87%.

Overnight, the U.S. Nasdaq 100 rallied 2.29%, and the Philadelphia SE Semiconductor index jumped 3.35%.

The Nikkei's biggest mover was Shinsei Bank with a 7.17% gain after SBI Holdings, which recently completed a tender offer for Shinsei, said it's worth pursuing the option of taking it private.

At the other end, Toyota Motor was among the biggest decliners with a 1.62% drop as it fell further after last week's strong gains on beefed-up electric vehicle plans. Group supplier Denso slipped 1.70%.

Fast Retailing lost 0.47% and was the biggest drag on the Nikkei by index points.

Pharmacies led the drop among other retailers, with Tsuruha Holdings off 4.58% and Kusuri no Aoki down 3.11%. (Reporting by Tokyo markets team; Editing by Subhranshu Sahu)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AOKI HOLDINGS INC. 1.22% 662 Delayed Quote.6.00%
DENSO CORPORATION -0.44% 7527 Delayed Quote.-20.66%
FAST RETAILING CO., LTD. -0.28% 59650 Delayed Quote.-8.41%
KUSURI NO AOKI HOLDINGS CO., LTD. -3.28% 5310 Delayed Quote.-24.69%
NASDAQ 100 3.30% 12681.42 Real-time Quote.-24.77%
NASDAQ COMP. 3.33% 12131.13 Real-time Quote.-24.96%
NIKKEI 225 0.66% 26781.68 Real-time Quote.-7.60%
S&P 500 2.47% 4158.24 Real-time Quote.-14.86%
SBI HOLDINGS, INC. -0.31% 2589 Delayed Quote.-17.16%
SHARP CORPORATION 0.76% 1054 Delayed Quote.-20.82%
SHINSEI BANK, LIMITED -0.51% 1955 Delayed Quote.4.91%
SOFTBANK GROUP CORP. 3.43% 5341 Delayed Quote.-4.97%
SONY GROUP CORPORATION 1.42% 11425 Delayed Quote.-22.18%
TOKYO ELECTRON LTD 3.21% 59120 Delayed Quote.-13.58%
TOPIX INDEX 0.52% 1887.3 Delayed Quote.-5.76%
TOYOTA INDUSTRIES CORPORATION 0.87% 8120 Delayed Quote.-12.40%
TOYOTA MOTOR CORPORATION 0.10% 2084 Delayed Quote.-1.12%
TSURUHA HOLDINGS INC. -0.88% 6750 Delayed Quote.-38.32%
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