Japanese shares end lower on Wall Street weakness

Hoya

25/05/2022 07:37

TOKYO, May 25 (Reuters) - Japan's Nikkei closed lower on
Wednesday, tracking overnight declines on major U.S. stock
indexes, although the losses were limited as some investors
scooped up beaten-down shares.
    The Nikkei share average  .N225  ended 0.26% lower at
26,677.80, while the broader Topix  .TOPX  dipped 0.09% to
1,876.58.
    The S&P 500 and the Nasdaq finished in the red overnight on
worries that aggressive moves to curb decades-high inflation
might tip the U.S. economy into recession.  .N 
    "We have not seen any market-moving cues and investors were
cautious in making bets ahead of the next FOMC (the U.S. Federal
Open Market Committee) meeting," said Shuji Hosoi, a senior
strategist at Daiwa Securities.
    "There has not been any sign that would ease concerns about
economic slowdown. However, domestic equities have fallen to a
level where investors could buy them cheap."
    The Nikkei, which has had a rollercoaster ride in the past
year, is forecast to climb more than 7% to 29,000 by end-2022, a
level last seen at the start of January, according to analysts
in a Reuters poll.  urn:newsml:reuters.com:*:nL3N2XF2PD
    Staffing agency Recruit Holdings  6098.T  fell 3.31% and was
the biggest drag on the Nikkei, while technology investor
SoftBank Group  9984.T  slipped 1.71%.
    Game maker Nintendo  7974.T  fell 4.25%. 
    Toshiba  6502.T  jumped 2.41% after a report said
state-backed fund Japan Investment Corp (JIC) is considering the
acquisition of the Japanese conglomerate.  urn:newsml:reuters.com:*:nT9N2X203T
    Drug maker Daiichi Sankyo  4568.T  rose 3.12% and was the
top gainer among the top 30 core Topix names, followed by lens
maker Hoya  7741.T , which gained 2.7%.

 (Reporting by Junko Fujita; Editing by Subhranshu Sahu and
Uttaresh.V)
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