Japan’s Nikkei index halted a four-session winning streak on Thursday, following US stocks fell overnight on fears that rising inflation would slash corporate profits and slow the economy.
The “Nikkei” index closed down by 1.89% at 26,402.84 points, recording the largest decline since the ninth of May, affected by the decline in the “Fast Retailing” company.
The broader Topix index fell 1.31 percent to 1,860.08 points.
US stock indices fell yesterday, Wednesday, following the impact of high price pressures on the profits of the retail trading company “Target”, which lost a quarter of its value, deepening fears of the impact of inflation on the US economy.
In Japan, “Fast Retailing”, the owner of the “Uniclo” supermarket chain, fell 3.12 percent, Tokyo Electron fell 3.42 percent, and SoftBank Group’s share fell 1.6 percent. The auto and spare parts sub-index fell 1.81 percent, with Toyota Motor down 1.91 percent and its subsidiary Denso down 2.22 percent. Nintendo’s shares fell 0.19 percent following a statement to the stock exchange showed that a Saudi sovereign fund owned a 5.01 percent stake in its shares. (Archyde.com)
