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Tokyo stocks dipped Friday, pressured by some firms’ worse-than-expected earnings reports and position adjustments ahead of the market holiday period through Wednesday.

The 225-issue Nikkei average fell 241.34 points, or 0.83%, to end at 28,812.63, following a rise of 62.08 points Wednesday. The Tokyo market was closed Thursday for a national holiday.

The Topix index of all first section issues ended down 10.82 points, or 0.57%, to finish at 1,898.24, after gaining 5.51 points the previous trading day.

The Tokyo market was mostly swayed by corporate earnings releases, which led to the day’s mixed performances of the listed stocks.

Semiconductor and other tech names slid in reaction to their recent rises, pushing down the Nikkei average, brokers said.

Selling pressure became stronger in the afternoon as market players took to position-squaring ahead of the resumption of the Golden Week holidays, with many fearing that novel coronavirus cases in Japan may rise during the period.

Brokers said that many companies were struggling to meet the market’s lofty expectations for their earnings forecasts, with an official from a midsize securities firm pointing out that the novel coronavirus epidemic was forcing businesses to set conservative projections.

“The results of the U.S. Federal Open Market Committee meeting and U.S. President Joe Biden’s policy announcement did little to move the market, as much of the contents were unsurprising due to prior media reports,” Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co., said.

On the TSE first section, decliners outnumbered gainers 1,146 to 928 while 117 issues were unchanged. Volume increased to 1.350 billion shares from Wednesday’s 1.237 billion shares.

Technology and entertainment giant Sony and toilet-maker Toto plunged 7.71% and 8.40%, respectively, after their respective earnings forecasts for the fiscal year ending in March next year, both released Wednesday, failed to reach market consensuses.

Electronic parts supplier Murata also succumbed to selling after posting lackluster earnings estimates.

Other losers included chipmaking gear maker Tokyo Electron and electronic parts maker Taiyo Yuden.

On the other hand, internet advertising firm Cyberagent jumped 15.28% to reach a year-to-date high after the company on Wednesday revised up its earnings forecasts for the fiscal year ending September.

Fujitsu marked a record high after the electronics maker posted strong earnings for the fiscal year that ended in March.

In index futures trading on the Osaka Exchange, the key June contract on the Nikkei average retreated 170 points to end at 28,880.

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