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<Asia> Nikkei Falls 619 pts or 1%; SoftBank Slides Nearly 10% as Rate Hike Bets Lift Bank Stocks
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Japanese equities declined as investors took profit after the market hit a record high yesterday (27). The Bank of Japan said in its policy statement that it aims to prevent inflation from significantly overshooting its target, fueling market expectations of interest rate hikes and weighing on the broader market. The Nikkei 225 opened down 5 points, rose 97 points in early trading to 60,634, then turned lower. It once slumped 835 points in the afternoon to 59,701, and closed down 619 points, or 1%, at 59,917. Among technology stocks, SoftBank (9984.JP) tumbled 9.9%, Advantest (6857.JP) fell 5.6%, Lasertec (6920.JP) and Tokyo Electron (8035.JP) dropped 3.1% and 4.1%, respectively, while Kioxia (285A.JP) rose 2.4% and Disco (6146.JP) gained 0.5%. Cable maker Furukawa Electric (5801.JP) edged up 0.7%, while Fujikura (5803.JP) slipped 1%. Financial stocks advanced. Mitsubishi UFJ Financial (8306.JP) rose 3.1%, Sumitomo Mitsui Financial (8316.JP) and Mizuho Financial (8411.JP) gained 4.5% and 5.1%, respectively. Insurer Dai-ichi Life (8750.JP) climbed 3.3%. Trading houses Marubeni (8002.JP) and Mitsui & Co. (8031.JP) added 2.9% and 2.3%, while Mitsubishi Corp. (8058.JP) rose 2.1%. Amid reports that the US and Japan are expanding cooperation between military and civilian dual-use technology enterprises, heavy machinery stocks advanced. Mitsubishi Heavy Industries (7011.JP) and IHI (7013.JP) gained 2.3% and 2%, respectively, while Kawasaki Heavy Industries (7012.JP) jumped 4.8%. Mitsui Mining & Smelting (5706.JP) rose 5.3%. Oil producer Inpex (1605.JP) climbed 4.9%. Elsewhere, Fast Retailing (9983.JP) gained 1.8%, Nissan (7201.JP) and Ryohin Keikaku (7453.JP) rose 3.3% and 2.2%, respectively. Hitachi (6501.JP) fell 5.8%, while Tokyo Electric Power (9501.JP) advanced 5.3%. Industrial automation equipment maker Keyence (6861.JP) added 0.8% after previously reporting strong results and announcing a share buyback. USD159.34 was quoted against the Japanese yen. (fc/u) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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