Japan Market falls as tech issues weigh

Japan share market finished session lower on Friday, 04 September 2020, snapping two-day winning streak, as profit taking selloff triggered on following the overnight losses on Wall Street reflecting weakness in tech stocks. Investors also turned cautious as they looked ahead to the release of the U.S. jobs data for August later in the day.

At closing bell, the 225-issue Nikkei Stock Average declined 260.10 points, or 1.11%, to 23,205.43. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 14.64 points, or 0.9%, to 1,616.60.

Technology and entertainment giant Sony, electronic parts maker Murata Manufacturing and other export-oriented issues met with heavy selling. The U.S. semiconductor sector's weakness pushed down chipmaking gear manufacturer Tokyo Electron and test device maker Advantest, among others. Technology investor SoftBank Group and job information service firm recruit Holdings were downbeat as well. On the other hand, regional banks including Tsukuba Bank and Tochigi Bank attracted purchases after Chief Cabinet Secretary Yoshihide Suga, a promising candidate to succeed outgoing Prime Minister Shinzo Abe, suggested Thursday a possible realignment of such banks.

 

CURRENCY: The Japanese yen changed hands at 106.18 per dollar after it strengthened yesterday from the 106.5 handle against the greenback.

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