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Japanese stocks fall as slowdown concerns eclipse exporter boost

09/06/2022 | 11:09pm EST

Sept 7 (Reuters) - Japanese stocks fell nearly 1% on Wednesday, as investor concerns over a COVID-ravaged economy overshadowed strong performances by exporter shares, which gained on a weaker yen.

Japan's Nikkei share average dropped 0.95%, tracking overnight losses on Wall Street, where all three major indexes fell as a U.S. services industry report underscored expectations the Federal Reserve will maintain its aggressive rate-hike stance.

The Nikkei fell as far as 27,268.70 in early trading, its lowest level since July 19, before settling at 27,362.83.

The broader Topix index lost 0.77%.

"There's a connection between strong U.S. economic data and fears of an acceleration in monetary tightening," said a market participant at a domestic securities firm.

Of the Nikkei's 225 constituents, 183 dropped, 39 posted gains, and three traded flat.

Tech stocks dragged the index lower, with chipmaker Tokyo Electron and SoftBank Group Corp having the biggest negative impact.

Marine transportation and logistics company Nippon Yusen KK made the biggest individual loss, down 5.96%. Industry peers Mitsui O.S.K. Lines Ltd and Kawasaki Kishen Kaisha Ltd lost 5.15% and 4.88%, respectively.

Some Nikkei constituents made gains after the Japanese yen fell to a 24-year low of 143.57 to the dollar, which boosts overseas revenue for exporters.

Automakers were the best performers. Subaru Corp gained 3.25%, Mitsubishi Motors Corp added 3.10% while Mazda Motor Corp climbed 2.36%.

Shares of video game company Nintendo Co Ltd, which makes much of its profits from high-margin software sales abroad, rose 1.52% to be the biggest contributor on the Nikkei.

(Reporting by Sam Byford and Tokyo markets team; Editing by Sherry Jacob-Phillips)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRITISH POUND / US DOLLAR (GBP/USD) -0.18% 1.21854 Delayed Quote.-9.88%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.20% 0.73079 Delayed Quote.-6.97%
EURO / US DOLLAR (EUR/USD) -0.08% 1.0501 Delayed Quote.-7.68%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.04% 0.012165 Delayed Quote.-9.07%
KAWASAKI KISEN KAISHA, LTD. -0.92% 2476 Delayed Quote.9.90%
MITSUBISHI MOTORS CORPORATION -0.51% 586 Delayed Quote.84.74%
MITSUI O.S.K. LINES LTD -0.15% 3255 Delayed Quote.14.87%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.12% 0.63438 Delayed Quote.-7.52%
NIKKEI 225 -0.72% 27686.4 Real-time Quote.-3.15%
NINTENDO CO., LTD. -1.38% 5702 Delayed Quote.7.42%
NIPPON YUSEN KABUSHIKI KAISHA 0.52% 3007 Delayed Quote.3.08%
SOFTBANK GROUP CORP. 1.64% 6065 Delayed Quote.8.89%
SUBARU CORPORATION -1.46% 2223 Delayed Quote.10.77%
TOKYO ELECTRON LTD. -1.03% 44360 Delayed Quote.-29.72%
TOPIX INDEX -0.65% 1935.61 Delayed Quote.-2.11%
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