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Japanese shares follow Nasdaq lower; SoftBank, Fast Retailing top drags

Published 03/04/2021, 10:49 AM
Updated 03/04/2021, 10:50 AM
© Reuters.

© Reuters.

TOKYO, March 4 (Reuters) - Japanese shares fell sharply on
Thursday as investors sold off index heavyweights including
SoftBank Group and Fast Retailing following a plunge in the
Nasdaq index overnight.
The Nikkei share average .N225 lost 1.59% to 29,085.92 by
0149GMT, while the broader Topix .TOPX declined 1.05% to
1,884.54.
"The decline in the Nasdaq index has a big impact on today's
market. That has prompted investors to sell shares, particularly
index heavyweights," said Hideyuki Suzuki, general manager at
investment research at SBI Securities.
The Nasdaq Composite .IXIC dropped 2.7% overnight to its
lowest since early January after investors sold high-flying
technology shares and shifted to sectors viewed as more likely
to benefit from an economic recovery. .N
In Japan, Fast Retailing 9983.T , the Uniqlo brand clothing
store operator, fell 3.91%, dragging down the index the most,
while SoftBank Group 9984.T dropped 5.5% and Tokyo Electron
8035.T lost 2.13%.
SoftBank Group's fall came in the wake of news that British
supply chain finance firm Greensill Capital, which the Japanese
conglomerate backs, was in talks to sell large parts of its
business. Hitachi Zosen 7004.T surged 18.18% after local media
reported that the energy and infrastructure company had
developed a high-performance solid-state battery.
Ricoh 7752.T was untraded with a glut of bids after the
office equipment maker said it would spend about 100 billion yen
($934.40 million) to buy back its own shares. Shipping firms advanced, with Kawasaki Kisen 9107.T rising
4.34%, Mitsui OSK Lines 9104.T adding 2.58% and Nippon Yusen
9101.T climbing 1.79%.
There were 67 advancers on the Nikkei index against 150
decliners.
($1 = 107.0200 yen)

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