Markets

Nikkei Briefly Sheds over 1,100 Points

Yomiuri Shimbun file photo
Tokyo Stock Exchange

Jiji Press

16:05 JST, November 1, 2024

Tokyo (Jiji Press)—Japan’s benchmark Nikkei 225 stock average gave up over 1,100 points briefly Friday, mainly reflecting dampened sentiment following drops in U.S. technology shares the previous day.

At the close, the Nikkei stood at 38,053.67, down 1,027.58 points, or 2.63 pct, from Thursday.

A wave of selling that struck U.S. tech issues Thursday prompted selling of technology stocks on the Tokyo market Friday, with investors disappointed by earnings reports from U.S. giants Meta Platforms Inc. and Microsoft Corp.

Semiconductor-related issues bore the brunt of the selling pressure. Chip testing device maker Lasertec plummeted as its earnings report fell short of market expectations.

“Lackluster earnings reports released by some Japanese companies contributed to the stock market fall,” an official of a major securities firm said.

Remarks by Bank of Japan Governor Kazuo Ueda at a press conference Thursday were perceived as “more hawkish than expected” by market players, putting an additional damper on investor sentiment, an official of a midsize securities firm said.