TOKYO, Sept 9 (Reuters) - Japanese shares dropped to a more
than one-week low on Wednesday, tracking Wall Street, as risk
sentiment soured after an extended selloff in U.S. heavyweight
The benchmark Nikkei share average fell 1.57% to
22,908.97 by the midday break, while the broader Topix
lost 1.60% to 1,595.00.
Both indexes hit their lowest level since Aug. 28.
All but shippers among the 33 sector sub-indexes
on the Tokyo exchange fell.
Wall Street closed lower overnight as technology stocks
continued to slide for a third straight session, sending the
Nasdaq into correction territory.
Tokyo-listed technology stocks also fell.
Nikkei heavyweight SoftBank Group Corp's shares
were down 5.47% and are on track to post their fifth consecutive
session of losses.
The conglomerate's stock has been falling since sources told
Reuters and other media late last week that it had built up
massive stakes in U.S. tech firms, in addition to purchasing
Other technology companies including Sony Corp and
Tokyo Electron dropped around 2.5% each.
Hopes of a quick economic recovery were dampened after
AstraZeneca Plc said it has paused a late-stage study of
one of the leading coronavirus vaccine candidates over safety
Energy-related stocks tumbled as oil prices slumped after
Saudi Arabia cut its October selling prices and COVID-19 cases
rebounded in several countries.
Mining led decliners on the main bourse, down
3.87%, while the oil & coal products sector fell
Shares of oil and gas exploration company INPEX Corp
dropped 4.37% and Cosmo Energy Holdings Co
Fast-food group Colowide bucked the overall
weakness to jump more than 6% after the company said it had
succeeded in a hostile takeover of Ootoya. Ootoya fell
(Reporting by Eimi Yamamitsu; Editing by Amy Caren Daniel)