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    9983   JP3802300008


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Nikkei hits over six-week low; low support ratings for new PM weigh

10/06/2021 | 02:41am EST

TOKYO, Oct 6 (Reuters) - Japan's Nikkei reversed course on Wednesday to close at a more than six-week low, dragged down by concerns over higher interest rates, China's slowdown and modest approval ratings for the country's new prime minister.

The Nikkei share average fell 1.05% to close at 27,528.87, its lowest since Aug. 23. The index, which gained as much as 1.4% earlier in the session, closed in the red for a eighth straight sessions.

The broader Topix slipped 0.3% to 1,941.91.

"Japanese shares rebounded earlier in the session but the gains were not as strong as investors had expected, which drove them to start selling shares," said Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Research Institute.

Heavyweights led declines, with Uniqlo clothing shop operator Fast Retailing losing 3.1%, chip making equipment maker Tokyo Electron down 2.08% and technology investor SoftBank Group falling 2.07%.

Local media poll showed Prime Minister Fumio Kishida is struggling to find his footing with voters just two days after he launched his new government. One daily showed his approval rating was at 45%, much lower than his predecessor Yoshihide Suga's administration when it came into power last year.

"That means Kishida's party will be unlikely to enjoy a land slide victory at the coming general election," said Kentaro Hayashi, senior strategist at Daiwa Securities.

Kishida's plans to raise capital gain tax could drive sell-offs as they want to lock in profits before the tax hike, Hayashi said.

Kishida, in his first news conference as prime minister, said this week tweaking the country's financial income tax rate will be among options in addressing income disparity.

Oil explorers and refiners advanced 3.8% and 3.1%, respecively, amid sky-high oil prices, while banks gained 2.84% on hopes higher rates would boost their profits. (Reporting by Junko Fujita; Editing by Krishna Chandra Eluri and Rashmi Aich)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
FAST RETAILING CO., LTD. 1.31% 68750 End-of-day quote.-25.65%
SOFTBANK GROUP CORP. -0.27% 5493 End-of-day quote.-31.83%
TOKYO ELECTRON LIMITED 2.81% 62910 End-of-day quote.63.83%
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11/26Fast Retailing's Board Approves Resolutions at General Meeting
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Analyst Recommendations on FAST RETAILING CO., LTD.
More recommendations
Sales 2022 2 266 B 19 894 M 19 894 M
Net income 2022 189 B 1 659 M 1 659 M
Net cash 2022 612 B 5 374 M 5 374 M
P/E ratio 2022 37,3x
Yield 2022 0,77%
Capitalization 7 023 B 61 697 M 61 669 M
EV / Sales 2022 2,83x
EV / Sales 2023 2,49x
Nbr of Employees 55 589
Free-Float 51,4%
Duration : Period :
Fast Retailing Co., Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends FAST RETAILING CO., LTD.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 68 750,00 JPY
Average target price 80 567,23 JPY
Spread / Average Target 17,2%
EPS Revisions
Managers and Directors
Tadashi Yanai Chairman, President & Group CEO
Takeshi Okazaki CFO, Director & Group Senior Executive Officer
Masaaki Shintaku Independent Outside Director
Toru Hambayashi Independent Outside Director
Nobumichi Hattori Independent Outside Director
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