Nikkei closes flat; Japan shares end lower as cyclical stocks drag


TOKYO: Japanese shares ended marginally lower on Friday as losses in cyclical stocks, as properly as banks and property companies, offset positive factors in heavyweight technical companies.

The Nikkei share common closed 0.03 per cent down at 28,948.73, whereas the broader Topix slipped 0.14 per cent to 1,954.02. For the week, the Nikkei traded in a slender vary, posting a marginal acquire of 0.02 per cent.

Toshiba Corp shed 1.59 per cent after an explosive investigation launched on Thursday discovered the corporate and the federal government colluded to lean on international buyers to fall in step with administration’s needs.

“Japan’s technology stocks are bought as the Nasdaq’s gain and the fall in U.S. interest rates lifted investor sentiment,” mentioned Jun Morita, basic supervisor of the analysis division at Chibagin Asset Management.

“But the market was weighed down by uncertainties. It’s hard for investors to decide to sell or buy when the Nikkei hovers around the 29,000-level as they are not necessarily optimistic about the Japanese market outlook.”

Some market members doubt Japan’s economic system will recuperate as rapidly as that of the United States and different superior nations, as the nation grapples with a fourth wave of the pandemic.

Staffing company Recruit Holdings fell 2.53 per cent, the most important drag on the Nikkei, whereas equipment makers Kubota and Komatsu misplaced 4.49 per cent and three.24 per cent, respectively.

Banks and property companies declined essentially the most among the many 33 business sub-indexes.

Technology companies superior, with a medical platform M3 Inc rising 3.12 per cent, Advantest gaining 0.61 per cent and Tokyo Electron rising 0.65 per cent.

Drugmaker Eisai jumped 7.0 per cent after a pointy fall within the earlier session amid a risky commerce this week following U.S. regulators’ approval of a drug developed by the agency and

for Alzheimer’s illness.


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