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Tech stocks pull Japan's Nikkei lower; investors cautious before Fed, earnings

01/23/2022 | 10:35pm EDT

TOKYO, Jan 24 (Reuters) - Japan's Nikkei share average fell on Monday, with tech shares tracking a plunge in their Wall Street peers, while investors were also cautious ahead of a U.S. Federal Reserve policy meeting and Japanese earnings season getting into full swing.

The Nikkei dropped 0.55% to 27,371.11 as of the midday break, with startup investor SoftBank Group being the biggest drag on the index, slipping 3.13%.

Online game company Nexon dropped 3.62%, while Sony Group retreated 2.35% and Nintendo lost 2.21%.

The broader Topix fell 0.54% to 1,916.76, with the growth share index tumbling 0.96%, compared with a 0.14% loss for the value index.

Wall Street suffered its worst weekly drop last week since the early days of the COVID-19 pandemic, with the tech-heavy Nasdaq plunging 2.72% on Friday.

However in a sign that the U.S. selloff may have been overdone, Nasdaq futures were pointing to a 0.86% rise at Monday's reopen. That provided support for Japanese stocks, preventing bigger losses, said a market participant at a domestic securities firm.

Despite the Nikkei's slide, the number of winners and losers was almost equally balanced, with 109 gainers versus 111 decliners and the remaining five flat.

Energy was the best performing sector amid a rise in crude prices. Oil company Inpex jumped 4.38%.

Shipping companies also rallied, with Kawasaki Kisen's 4.41% advance making it the Nikkei's top gainer.

Nikon was another noteable winner, adding 3.96%, after local media reported that earnings at rival Canon are expected to swell 20% this year. Canon shares advanced 1.84%.

The Nikkei's biggest percentage decliner was shipbuilder Mitsui E&S Holdings, which plunged 11.96% after the company forecast an even bigger loss for this fiscal year. (Reporting by Tokyo markets team; Editing by Rashmi Aich)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 1.47% 0.70568 Delayed Quote.-3.17%
BRITISH POUND / US DOLLAR (GBP/USD) 1.28% 1.25022 Delayed Quote.-7.71%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.61% 0.78032 Delayed Quote.-1.28%
CANON INC. -0.34% 3213 Delayed Quote.15.10%
EURO / US DOLLAR (EUR/USD) 1.10% 1.05877 Delayed Quote.-7.24%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.46% 0.012911 Delayed Quote.-3.86%
INPEX CORPORATION -0.65% 1535 Delayed Quote.54.19%
KAWASAKI KISEN KAISHA, LTD. -4.78% 8770 Delayed Quote.33.09%
LONDON BRENT OIL 1.63% 111.02 Delayed Quote.44.70%
MITSUI E&S HOLDINGS CO., LTD. -1.15% 344 Delayed Quote.-8.66%
NASDAQ COMP. 0.14% 11425.4 Real-time Quote.-27.02%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 1.67% 0.63957 Delayed Quote.-7.01%
NEXON CO., LTD. -1.64% 3000 Delayed Quote.37.14%
NIKKEI 225 -1.89% 26402.84 Real-time Quote.-6.53%
NIKON CORPORATION -0.41% 1475 Delayed Quote.19.44%
NINTENDO CO., LTD. -0.19% 59160 Delayed Quote.10.48%
S&P 500 -0.33% 3906.96 Real-time Quote.-17.68%
SOFTBANK GROUP CORP. -1.60% 5055 Delayed Quote.-5.47%
SONY GROUP CORPORATION -1.56% 11390 Delayed Quote.-20.07%
TOPIX INDEX -1.31% 1860.08 Delayed Quote.-5.40%
WTI 2.31% 110.64 Delayed Quote.50.98%
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