Japan's Nikkei ends at 8-week low on US peers' weakness

J. FRONT RETAILING

16/04/2024 07:28

(Updates at 0600 GMT)
       TOKYO, April 16 (Reuters) - Japan's Nikkei share average
fell nearly 2% on Tuesday to close at an eight-week low as
technology stocks tracked the overnight declines on Wall Street.
    The Nikkei  .N225  fell 1.94% to 38,471.20, its lowest close
since Feb. 21. The index lost as much as 2.3% during the
session. 
    The broader Topix  .TOPX  lost 2.04% to 2,697.11.
    "Japanese stocks tracked overnight U.S. equities lower,"
Shuutarou Yasuda, a market analyst at Tokai Tokyo Intelligence
Laboratory said.
    U.S. stocks closed sharply lower due to a jump in Treasury
yields and concerns about rising geopolitical tensions between
Iran and Israel.  .N 
    "The yen's weakness did not help lift appetite for local
stocks because the yen kept its momentum against other
currencies. It is just that the dollar was strong against other
currencies," Yasuda said. 
    The dollar rose to a five-month high against major peer
currencies on Tuesday following hotter-than-expected U.S. retail
sales figures, with the yen  JPY=EBS  breaching 154 per dollar
to its weakest level in 34 years.  FRX/ 
    Among individual stocks, chip-making equipment maker Tokyo
Electron  8035.T  slid 4.15% to become the biggest drag on the
Nikkei, while chip-testing equipment maker Advantest  6857.T 
lost 3.76%.
    Uniqlo-brand owner Fast Retailing  9983.T  fell 1.8%.
    J.Front Retailing  3086.T  tanked 9.15% to become the worst
percentage loser on the Nikkei after the department store
operator cut its annual profit forecast. Its peer Isetan
Mitsukoshi Holdings  3099.T  lost 8.3%.
    Bucking the trend, Toho  9602.T  surged 7.4% after the
cinema operator posted a 35.5% rise in its annual net profit and
announced a share buyback program.
    Nidec  6594.T  jumped 6.87% after the motor maker announced
a tenfold production capacity expansion in Thailand to make
water-cooling modules for AI servers.
    Of the 225 components on the Nikkei, 33 stocks rose and 191
fell, with one flat.

 (Reporting by Junko Fujita; Editing by Mrigank Dhaniwala)
 ((junko.fujita@thomsonreuters.com;))