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
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