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Japan's Nikkei touches one-month low on U.S. peers weakness
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Japan's Nikkei touches one-month low on U.S. peers weakness
Apr 15, 2024 8:40 PM

TOKYO, April 16 (Reuters) - Japan's Nikkei share average

fell more than 2% to a one-month low on Tuesday as technology

stocks tracked the overnight declines on Wall Street.

The Nikkei was down 2.11% to 38,405.58, its lowest

since March 14, by the midday break. The broader Topix

had fallen 1.82% to 2,703.20.

"Japanese stocks tracked overnight U.S. equities lower,"

said Shuutarou Yasuda, a market analyst at Tokai Tokyo

Intelligence Laboratory.

U.S. stocks closed sharply lower due to a jump in Treasury

yields and concerns about rising geopolitical tensions between

Iran and Israel.

"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 stood just off its highest since early November

on Tuesday, with the yen languishing at its lowest level since

1990 following hotter-than-expected U.S. retail sales.

In Japan, chip-making equipment maker Tokyo Electron ( TOELF )

slid 4.15% to become the biggest drag on the Nikkei,

while chip-testing equipment maker Advantest ( ADTTF ) lost

4.08%.

Uniqlo-brand owner Fast Retailing ( FRCOF ) fell 2.45%.

J.Front Retailing ( JFROF ) lost 6.52% after the department

store operator cut its annual profit forecast. Its peer Isetan

Mitsukoshi Holdings ( IMHDF ) lost 7.53% to become the biggest

percentage loser on the Nikkei.

Bucking the trend, Toho surged 6.92% after the

cinema operator posted a 35.5% rise in its annual net profit and

announced a share buyback program.

Nidec ( NNDNF ) jumped 6.17% 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, 21 stocks rose and 204

fell.

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