Nikkei Under Pressure: US Tech Falls, Jobs Signals Weaken
Japanese stocks opened lower on Friday (February 6th) as global sentiment worsened: overnight, US stocks, particularly the technology sector, fell again, while US jobs data signaled a cooling economy.
The pressure was most felt in metals and electronics stocks. Sumitomo Metal Mining fell 6.8%, and Kioxia Holdings fell 6.0%, reflecting concerns that global demand for commodities and technology components could slow if the US economy weakens.
In the US, there were two triggers: first, a sell-off in tech stocks fueled market anxiety about AI spending sprees and the question of when the investment would be repaid (several tech giants fell sharply).
Second, employment indicators looked increasingly weak—job openings fell to around their lowest level since 2020, and jobless claims rose higher than expected. This combination put investors on the defensive and contributed to pressure on risk assets in Asia.
In the foreign exchange market, USD/JPY was at 156.68, down from 156.93 at the Tokyo stock market close on Thursday—meaning the yen has strengthened slightly. A stronger yen typically weighs on exporter stocks due to the potential pressure on conversion earnings.
Today's market focus also marks the earnings season: Toyota Motor and Itochu Corp. are scheduled to release quarterly results on Friday, so traders are likely to reduce risk before the official figures are released.
So far, the Nikkei Stock Average is down 1.5% to 53,021.40, with market participants waiting to see whether subsequent US data will reinforce the "slowing economy" narrative (which could boost expectations of interest rate cuts) or represent a temporary respite. (asd)
Source: Newsmaker.id
