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Japanese shares fall as tech stocks track Nasdaq lower

01/21/2022 | 01:32am EDT

TOKYO, Jan 21 (Reuters) - Japanese shares fell on Friday, hit by losses in technology heavyweights after the Nasdaq dropped 1% overnight as fears of inflation and higher interest rates dented risk appetite.

The Nikkei share average closed 0.9% lower at 27,522.26, after losing more than 2% earlier in the session. The broader Topix lost 0.59% to 1,927.18.

The Nikkei lost 2.1% for the week, its biggest in seven weeks, while the Topix fell 2.5% in its worst week in eight.

"The market tracked Wall Street and chip-related shares became a target of a sell-off after the Nasdaq's losses," said Kazuharu Konishi, head of equities at Mitsubishi UFJ Kokusai Asset Management.

"There will be no positive or negative comments on U.S. rates from Federal Reserve senior officials until the FOMC (Federal Open Market Committee) next week, so investors will remain cautious."

Wall Street's main indexes closed sharply lower overnight, as investors considered whether equities were bargains after a sell-off to start the year that has seen the Nasdaq fall into correction territory.

Chip-related stocks led the losses, with Tokyo Electron losing 6.2%, Advantest dropping 3.98% and Shin-Etsu Chemical shedding 2.07%.

Toyota Motor fell 2.48% after the automaker said it would slow production at as many as 11 plants in Japan because of rising COVID-19 infections among its workers and those at parts suppliers.

As the coronavirus infections surge to a record, Japan's western prefecture of Osaka and two neighbouring regions are expected to join in a widening declaration of COVID prevention measures, which already cover the capital Tokyo and a dozen other regions.

Despite the expected wider curb, airline and railway shares were the top gainers among the exchange's 33 industry sub-indexes, gaining 3.84% and 1.54%, respectively.

ANA Holdings jumped 3.73% and Keisei Electric Railway advanced 3.48%. (Reporting by Junko Fujita; Editing by Rashmi Aich and Subhranshu Sahu)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION 1.16% 8710 Delayed Quote.-21.01%
ANA HOLDINGS INC. 0.89% 2506.5 Delayed Quote.3.33%
KEISEI ELECTRIC RAILWAY CO., LTD 0.90% 3355 Delayed Quote.6.91%
KONISHI CO., LTD. 0.53% 1508 Delayed Quote.-13.39%
MITSUBISHI UFJ FINANCIAL GROUP, INC 1.44% 725.8 Delayed Quote.14.50%
NASDAQ COMP. -0.26% 11388.5 Real-time Quote.-27.21%
NIKKEI 225 1.27% 26739.03 Real-time Quote.-8.30%
S&P 500 -0.58% 3900.79 Real-time Quote.-17.68%
SHIN-ETSU CHEMICAL CO., LTD 0.90% 17915 Delayed Quote.-10.87%
TOKYO ELECTRON LTD 1.27% 58390 Delayed Quote.-13.01%
TOPIX INDEX 0.93% 1877.37 Delayed Quote.-6.64%
TOYOTA INDUSTRIES CORPORATION 1.23% 8210 Delayed Quote.-11.75%
TOYOTA MOTOR CORPORATION 2.14% 2048 Delayed Quote.-4.77%
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Sales 2022 248 B 1 945 M 1 945 M
Net income 2022 -3 500 M -27,5 M -27,5 M
Net Debt 2022 341 B 2 679 M 2 679 M
P/E ratio 2022 -160x
Yield 2022 0,51%
Capitalization 568 B 4 460 M 4 460 M
EV / Sales 2022 3,67x
EV / Sales 2023 3,46x
Nbr of Employees 11 150
Free-Float 86,9%
Duration : Period :
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Technical analysis trends KEISEI ELECTRIC RAILWAY CO., LTD
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Income Statement Evolution
Mean consensus HOLD
Number of Analysts 3
Last Close Price 3 325,00 JPY
Average target price 3 133,33 JPY
Spread / Average Target -5,76%
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Managers and Directors
Koji Yamada Chief Executive Officer & Director
Toshiya Kobayashi President & Representative Director
Fumiya Akai Independent Outside Director
Yasunobu Furukawa Independent Outside Director
Misao Kikuchi Independent Outside Director