Japan shares fall on corporate outlook caution, Wall St gains limit losses
05/04/2022 04:09
TOKYO, April 5 (Reuters) - Japanese shares edged lower in
seesaw trading on Tuesday, as investors turned cautious about
corporate outlook, although the losses were limited by overnight
gains on Wall Street.
The Nikkei share average .N225 eased 0.10% to 27,708.30 by
the midday break, after opening higher.
The broader Topix .TOPX fell 0.35% to 1,946.80, also in a
range-bound trading session so far.
"The only reason that lifted the market was Wall Street's
gains," said Shuji Hosoi, senior strategist at Daiwa Securities.
"With the fiscal year just ending, we are expecting
corporate guidance to come out and those are not expected to be
positive with the impact of the COVID-19 and rising commodity
prices due to the Russia-Ukraine conflict."
Insurers and banks .IINSU.T IBNKS.T led losses among the
Tokyo Stock Exchange's 33 industry subindexes, losing 3.54% and
1.53%, respectively.
Dai-ichi Life 8750.T fell 4.57% and T&D Holdings 8795.T
lost 4.28%.
Banking giant Mitsubishi UFJ Financial Group 8306.T
dragged the Topix the most, falling 1.93%, followed by insurer
Tokio Marine Holdings 8766.T , which lost 3.31%.
Oil explorers .IMING.T rose 1.3%, leading gains among the
sector groups as oil prices rose. O/R
Retailers .IRETL.T were also strong, with Shimamura
8227.T surging 8.8% after the casual clothing shop operator
raised prices and flagged a record annual profit. urn:newsml:reuters.com:*:nL3N2W216U
Shimamura's bigger rival Fast Retailing 9983.T rose 1.5%,
providing the biggest support for the Nikkei, followed by
technology investor SoftBank Group 9984.T , rising 3.8% and
chip making equipment maker Tokyo Electron 8035.T climbing
0.28%.
(Reporting by Junko Fujita; editing by Uttaresh.V)
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