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Tokyo shares close lower

The benchmark Nikkei 225 index eased 0.42 percent, or 120.20 points, to 28,162.83. (AFP)
The benchmark Nikkei 225 index eased 0.42 percent, or 120.20 points, to 28,162.83. (AFP)
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28 Nov 2022 04:11:43 GMT9
28 Nov 2022 04:11:43 GMT9

Tokyo shares closed lower on Monday with the markets dragged down by tech-linked shares, as the global high-tech sector faces pressure.

The benchmark Nikkei 225 index eased 0.42 percent, or 120.20 points, to 28,162.83, while the broader Topix index fell 0.68 percent, or 13.69 points, to 2,004.31.

The global market is now focusing on China, where citizens have staged rare protests against the country’s strict zero-Covid policy.

“We knew we would be hit with China Covid jitters this morning, but the protests have caught the market by surprise, which had already been bidding goodbye to Covid winter in China,” Stephen Innes of SPI Asset Management wrote in a note.

Investors are also awaiting Fed Chair Jerome Powell’s congressional address on Wednesday, followed by a barrage of key US indicators to be released on Thursday, including household spending, payrolls and manufacturing activities, said Rodrigo Catril of National Australia Bank in a note.

Japanese shares have firmed recently on hopes that US inflation will soon be tamed, Rakuten Securities said.

The US economy is decelerating but still solid. The Japanese economy is also recovering on the back of economic reopening and the yen’s depreciation, the brokerage added.

The dollar stood at 138.25 yen against 139.03 yen seen Friday in New York.

In Tokyo trading, semiconductor-linked hightech shares were hit hard.

Tokyo Electron, which makes tools to build chips, dropped 1.56 percent to 45,300 yen. Advantest, which makes testing kits for semiconductors, lost 0.53 percent to 9,260 yen.

Industrial robot maker Fanuc fell 0.53 percent to 9,260 yen.

Internet media firm Cyber Agent, which is offering free streaming of football World Cup games, tanked 7.59 percent after Japan suffered a painful defeat to Costa Rica.

AFP

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