Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News
All NewsCompaniesIndexesCurrency / ForexCommoditiesCryptocurrenciesETFInterest RatesEconomyThemesSectors 

Japanese stocks fall despite exporters' boost from plummeting yen

09/07/2022 | 02:52am EST

Sept 7 (Reuters) - Japanese stocks fell on Wednesday, as lingering investor concerns over an economic slowdown overshadowed strong performances by exporter shares which gained on a weaker yen.

Japan's Nikkei share average dropped 0.71%, 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 closing at 27,430.30.

The broader Topix index lost 0.57%.

"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, 165 dropped, 56 posted gains and four 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 7.92%. Industry peers Mitsui O.S.K. Lines Ltd and Kawasaki Kishen Kaisha Ltd lost 7.01% and 6.18%, respectively.

Some Nikkei constituents made gains after the Japanese yen fell to a 24-year low of 144.380 to the dollar, which boosts overseas revenue for exporters.

Automakers were the best performers. Mitsubishi Motors Corp gained 3.61%, Subaru Corp added 3.37%, while Mazda Motor Corp climbed 2.45%.

Uniqlo parent Fast Retailing Co Ltd had the strongest positive impact on the Nikkei, gaining 0.86%.

Video game company Nintendo Co Ltd, which makes much of its profits from high-margin software sales abroad, was the biggest contributor in the morning session but pared gains to close up 1.09%. (Reporting by Sam Byford and Tokyo markets team; Editing by Krishna Chandra Eluri)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRITISH POUND / US DOLLAR (GBP/USD) 0.05% 1.2271 Delayed Quote.-10.75%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.03% 0.74395 Delayed Quote.-5.76%
EURO / US DOLLAR (EUR/USD) -0.06% 1.05266 Delayed Quote.-8.33%
FAST RETAILING CO., LTD. -1.72% 81360 Delayed Quote.26.75%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.09% 0.012309 Delayed Quote.-8.47%
KAWASAKI KISEN KAISHA, LTD. -1.62% 2548 Delayed Quote.12.28%
MAZDA MOTOR CORPORATION -3.73% 1032 Delayed Quote.21.13%
MITSUBISHI MOTORS CORPORATION -5.91% 589 Delayed Quote.95.02%
MITSUI O.S.K. LINES LTD -0.45% 3340 Delayed Quote.17.86%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.42% 0.64012 Delayed Quote.-7.66%
NIKKEI 225 -1.59% 27777.9 Real-time Quote.-2.86%
NINTENDO CO., LTD. -1.41% 5726 Delayed Quote.8.26%
NIPPON YUSEN KABUSHIKI KAISHA -1.17% 3041 Delayed Quote.5.38%
SOFTBANK GROUP CORP. 0.13% 6055 Delayed Quote.11.28%
SUBARU CORPORATION -2.34% 2236 Delayed Quote.11.30%
TOKYO ELECTRON LTD. -0.34% 46740 Delayed Quote.-29.24%
TOPIX INDEX -1.64% 1953.98 Delayed Quote.-0.34%
Latest news "Economy"
04:56aAdidas: sticking to World Cup sales outlook despite Germany's exit
RE
04:53aGreek police investigates arson outside Italian deputy ambassador's home
RE
04:52aUniCredit to pay bonus, replace 850 older branch staff in Italy
RE
04:48aRussia is ready to provide increased gas supplies to Uzbekistan, Deputy PM Novak says
RE
04:43aZambia to ration electricity for domestic customers
RE
04:43aSoccer-Kane misfiring but England big favourites to end Senegal run
RE
04:40aUkraine war shows Europe too reliant on U.S., Finland PM says
RE
04:40aKremlin says Putin open to talks but U.S. stance on Ukraine makes it difficult
RE
04:39aStellantis offers French workers 5.3% pay hike, unions unimpressed
RE
04:35aSouth Africa's ruling party to decide Ramaphosa's fate over 'Farmgate' scandal
RE
Latest news "Economy"