[Economie] Japanese shares fall, affected by Wall Street, after 3 sessions of gains

[Love Pulse]

 

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Japanese shares closed lower on the stock market on Tuesday, after three sessions of gains, followed by Wall Street and prompted by the selling of major technology shares on fears of a US interest rate hike.

The Nikkei closed down 0.94% to 28230.61 points, while the broader Topix index fell 0.7% to 982.68 points.

 
The US market affects Japan's shares
The US stock market, "Wall Street", closed on Monday, with increasing tension among investors ahead of the start of the third-quarter corporate earnings reporting season.

On the other hand, US Treasury yields hit multi-month highs at the end of last week, following a weaker-than-expected jobs report in September.

In Japan, technology heavyweights pushed the Nikkei down today, as SoftBank Group fell 2.42%, Robotics maker Fanuc lost 1.66% and Teromo Medical Equipment lost 1.39%.

Recently surged stocks fell on hopes of reopening the economy, with retailers losing 1.89% and airlines 2.06%.

Yaskawa Electric extended its losses despite an upward revision to its earnings forecast on Friday, bringing its shares down 4.34%.

 
The Nikkei and the Tokyo Stock Exchange
Automakers rose with the yen's weakness against the dollar, as Toyota Motor rose 0.78% and Honda Motor 0.2%. The share of oil exploration company Inpex rose 1.76%, driven by higher oil prices.

The Japanese Nikkei index rose for the third consecutive session in the financial market, today, Monday, continuing to recover from the six-week low recorded last week, as a sharp decline in the yen supported exporting companies, while the decline in Covid-19 injuries revived hopes of reopening the economy.

Yesterday, the Nikkei closed up 1.60% to 28,498.20 points, and advanced more than a thousand points from the 6-week low recorded on Wednesday, while the broader Topix index rose 1.77% to 1996.58, recording a rise for the second consecutive session.

Meanwhile, the yen fell to 112.75 against the dollar for the first time since December 2018. A weaker currency increases the value of goods sold abroad when profits are transferred to the country.

Toyota Motor shares rose 3.3%, while Mitsubishi Motors rose 5.9%, and Nissan Motor shares gained 5.3%. Panasonic Corp. shares rose 6.7%, while the recovery of Chinese technology shares helped SoftBank Group's share to advance 4.9%.

Sony Group shares rose 4.4% after a report that it may build a new chip factory with TSMC in Japan.