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 in worst month since March 2020

09/30/2022 | 02:52am EST

TOKYO, Sept 30 (Reuters) - Japanese stocks fell sharply on Friday, posting their biggest monthly drop since the COVID-19 pandemic first rocked markets 2-1/2 years ago, tracking overnight Wall Street losses.

The Nikkei share average closed down 1.83% at 25,937.21, its lowest close since July 1. The index shed 7.669% in September, its biggest monthly decline since March 2020.

The broader Topix fell 1.76% to also record its worst month since March 2020.

All three major U.S. stock indexes fell overnight on heightened fears of a recession and a report that Apple Inc has cancelled a planned boost in iPhone 14 production.

"Yesterday's news about Apple suspending its production increase caused the market to factor in a global recession," Tokai Tokyo Research Institute senior strategist Takashi Nakamura said.

"Even if the economy is expected to improve in Japan, overseas trends will make it difficult for investors to buy Japanese stocks alone."

"I think the falls in U.S. stocks were an overreaction," said Eiji Kinouchi, chief technical analyst, Daiwa Securities, adding the same could be true of Japan, citing a gap between supply and demand at the end of the month.

Every sector on the Nikkei fell except real estate, which gained 0.54%. Of the index's 225 constituents, 186 declined, 35 advanced, and four traded flat.

Unitika Ltd, up 2.41%, and Oki Electric Industry Co Ltd, up 1.84%, were among the best performers on the Nikkei. Both stocks are set to be removed from the index after this week.

Shinsei Bank Ltd jumped 6.96%, after a report in the Nikkei newspaper's online edition that SBI Holdings has applied for approval as a bank holding company, allowing it to increase its stake in the bank to more than 50%.

Automakers were among the worst performers, led by Mazda Motor Corp, down 8.17%. Mitsubishi Motors Corp , Nissan Motor Co Ltd, and Subaru Corp followed suit.

Clothing giant and Uniqlo parent company Fast Retailing Co Ltd weighed on the index the most, falling 3.58%. (Reporting by Sam Byford and Tokyo markets team; Editing by Rashmi Aich)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -2.11% 141.17 Delayed Quote.-18.78%
FAST RETAILING CO., LTD. -0.80% 80810 Delayed Quote.24.73%
MAZDA MOTOR CORPORATION 1.11% 1091 Delayed Quote.21.92%
MITSUBISHI MOTORS CORPORATION 1.44% 636 Delayed Quote.95.33%
NIKKEI 225 -0.21% 27968.99 Real-time Quote.-1.77%
NISSAN MOTOR CO LTD -0.47% 491.2 Delayed Quote.-11.21%
OKI ELECTRIC INDUSTRY CO., LTD. -0.95% 728 Delayed Quote.-18.69%
SBI HOLDINGS, INC. -0.57% 2618 Delayed Quote.-16.01%
SHINSEI BANK, LIMITED -1.27% 2339 Delayed Quote.26.48%
SUBARU CORPORATION 2.98% 2351.5 Delayed Quote.11.01%
TOPIX INDEX -0.37% 1985.57 Delayed Quote.1.29%
UNITIKA LTD. 3.08% 268 Delayed Quote.-13.33%
Latest news "Economy"
06:30aReuters next - india finance minister: india has no plans to "cl…
RE
06:29aRussian retailer X5 targets big expansion of Chizhik discount stores
RE
06:29aReuters next - india finance minister: open to offer production…
RE
06:29aUkraine security service searches monastery, warns of 'subversive activities'
RE
06:27aReuters to publish Russia November economic poll on Dec. 2
RE
06:27aHSBC to close 114 branches in Britain from April 2023
RE
06:27aBlast hits seminary in north Afghanistan, killing 15
RE
06:26aReuters next - india finance minister: india and other countries…
RE
06:26aGerman cabinet approves plan to attract more foreign workers
RE
06:25aReuters next - india finance minister: many countries in the wes…
RE
Latest news "Economy"