Nikkei 225 Closes 2.70% Lower
The Nikkei 225 index fell 2.63% to close at 38,054, while the broader Topix index dropped 1.9% to 2,644 on Friday, extending losses from the previous session and mirroring declines on Wall Street on disappointing corporate news from Microsoft and Meta Platforms. Local stocks also came under pressure as the yen rose following a less dovish statement from the Bank of Japan and signs of easing price pressures in the U.S.
The stronger yen hurt the earnings outlook for Japan’s export-heavy industries. Technology stocks were particularly hard hit, with significant losses for Advantest (-4.4%), Disco (-3.7%), Tokyo Electron (-3.9%), Hitachi (-6.2%) and SoftBank Group (-5.6%). Additionally, Lasertec and Renesas Electronics plunged 16.4% and 5.6%, respectively, after reporting weak quarterly results. Despite the losses on the day, the benchmark index ended the week with a small gain, ending two straight weeks of declines.
Source: Trading Economics
