TOKYO, Sept 28 (Reuters) - Japan's Nikkei share average
ended at a near three-month low on Wednesday, amid worsening
recession fears hitting Wall Street overnight, while a media
report that Apple dropped plans of producing more iPhones also
weighed on sentiment.
The Nikkei fell 1.5% to close at 26,173.98, after
hitting a July 1 low of 25,938.36 earlier.
The benchmark index had opened weak and it fell further
following a Bloomberg News report that Apple would drop
a plan to boost production of its new smartphones after an
anticipated demand surge failed to materialise.
Investors globally are on edge as surging borrowing costs
stoke fears of widespread recession, with most of the world's
major central banks putting their focus squarely on tightening
policies to contain super-heated inflation.
"It's very hard to buy stocks in a situation where everyone
is working to gauge the risk of sliding into recession," said
Jun Kitazawa, a strategist at Miki Securities.
Of the benchmark's 225 constituents, 206 stocks fell and 19
The broader Topix slid 0.95% to 1,855.15.
Pharma was the only Nikkei sector that rose, adding 0.35%.
Eisai surged by its daily limit, rising 17.29%
after the drugmaker reported successful trial of its
experimental Alzheimer's treatment lecanemab.
Rival Shionogi added 1.08% after saying its oral
treatment for COVID-19 demonstrated a significant reduction in
symptoms compared to a placebo.
Real estate led declines among other sectors, dropping
The biggest drag on the Nikkei by index weight share was
Uniqlo store operator Fast Retailing, down 4.23%,
followed by robotics giant Fanuc, 2.89% lower, startup
investor SoftBank Group, off 1.83%, and chip-making
equipment-maker Tokyo Electron, which lost 1.38%.
Apple supplier TDK was next, declining 3.05%.
(Reporting by Kevin Buckland; Additional reporting by Tokyo
markets team; Editing by Subhranshu Sahu)