(Updates at 0600 GMT)
TOKYO, July 25 (Reuters) - Japan's Nikkei share average
ended at a three-month low and posted its biggest daily decline
in three years on Thursday as the yen's gain against major
currencies hurt investor sentiment.
The Nikkei fell 3.28% to end at 37,869.51, its
lowest close since April 25.
The index extended its losing streak to seven, the longest
losing run since October 2021 and posted its biggest daily fall
since June 2021.
The broader Topix slipped 2.98% to 2,709.86.
The yen rose to its strongest level against the dollar in
2-1/2 months and scaled multi-month highs against other
currencies ahead of next week's Bank of Japan (BOJ) meeting.
A stronger yen tends to hurt exporter shares as it decreases
the value of overseas profits in yen terms when firms repatriate
them to Japan.
"The market turned cautious about the yen's gain against the
dollar and other major currencies. That hurt investor
sentiment," said Yugo Tsuboi, chief strategist at Daiwa
Securities.
"And worries about the U.S. economic slowdown seemed to have
sent Wall Street lower overnight," Tsuboi added.
Technology investor SoftBank Group tanked 9.39% to
drag the Nikkei the most. Chip-related shares tracked their U.S>
peers, with Tokyo Electron ( TOELF ) and Advantest ( ADTTF )
declining 4.82% and 6.04%, respectively.
Renesas Electronics ( RNECF ) slumped 13.62% after the chip
maker reported a 29% decline in net profit for six months to
June.
Nissan Motor ( NSANF ) fell 6.98% as the automaker saw
first-quarter profit almost completely wiped out and slashed its
annual outlook.
Food-related shares rose, with beer brewer Sapporo Holdings ( SOOBF )
rising 3.23% to become the top performer on the Nikkei.
Frozen-food maker Nichirei ( NCHEF ) rose 3.13%.
All but three of the Tokyo Stock Exchange's 33 industry
sub-indexes fell. The airline sector inched up 0.57%
to become the top-performing sector.