Japan's Nikkei falls as chip shares track U.S. peers lower

Keyence

10/08/2022 04:09

TOKYO, Aug 10 (Reuters) - Japan's Nikkei index fell on
Wednesday, as heavyweight chip-related stocks tracked losses in
Micron Technology and its U.S. peers.
    The Nikkei share average  .N225  was down 0.83% at 27,767.07
by the midday break, while the broader Topix  .TOPX  slipped
0.35% to 1,930.22.
    The Nasdaq closed lower overnight after a dismal forecast
from Micron Technology  MU.O  pulled chip makers and tech stocks
down, with investors awaiting U.S. inflation data.  .N 
    Chip-making equipment maker Tokyo Electron  8035.T  fell
2.59% and chip-testing equipment maker Advantest  6857.T  lost
3.8%.
    Other heavyweights were also weak, with Uniqlo clothing shop
owner Fast Retailing  9983.T  losing 2.75% and medical services
platform M3  2413.T  sliding 3.84%.
    Companies that reported robust earnings gained. 
    Sumitomo Forestry  1911.T  jumped 8.58% after the home
builder switched its annual net forecast to positive from a
loss.  urn:newsml:reuters.com:*:nXB1QRXJXH
    Rohto Pharmaceutical  4527.T  surged 16.6% after the drug
maker raised its annual profit forecast.  urn:newsml:reuters.com:*:nXB0PPF2X1
    "The market responded those with positive earnings," said
Maki Sawada, a strategist at Nomura Securities. 
    "But investors are cautions as they await U.S. inflation
data that would gauge the Federal Reserve's pace of rate hike,
as well as ahead of a market close tomorrow in Japan."
    Japanese markets will be closed for a national holiday on
Thursday.
    Drug maker Daiichi Sankyo  4568.T  was up 1.17% and the top
performer among the top 30 core Topix names, followed by
cosmetic maker Kao Corp  4452.T .

 (Reporting by Junko Fujita; editing by Uttaresh.V)
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