The Japanese stock market ended the session lower on Friday, April 1, 2022, extending the losses of the previous two days, as the risk aversion selloff continued to follow Wall Street’s negative overnight advance and the concerns about the continuing conflict in Ukraine.
Further hampering sentiment, the country’s business confidence deteriorated for the first time in nearly two years in the first quarter as companies were hit by supply disruptions and soaring raw material costs caused by the Ukrainian crisis.
At the close, the 225-number Nikkei Stock Average fell 155.45 points, or 0.56%, to 27,665.98. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 2.13 points, or 0.11%, to 1,944.27.
Chip-related stocks led the Nikkei index lower on Friday, with Tokyo Electron losing 2.48% and Advantest falling 1.76%. Uniqlo clothing store operator Fast Retailing fell 1.14%.
Market heavyweight SoftBank Group lost nearly 1% and operator Uniqlo Fast Retailing fell nearly 2%. Among automakers, Honda fell almost 2% and Toyota almost 1%.
Contrary to trend, Toshiba jumped 6.5% after private equity firm Bain Capital polled several Toshiba shareholders about a potential bid for the Japanese conglomerate.
ECONOMIC NEWS: The Bank of Japan’s quarterly Tankan Business Sentiment Survey showed the Diffusion Index hit a score of +14 in the first quarter of 2022, from +18 three months ago.
The outlook came out at +9, compared to +13 in the previous quarter. Large industrial investments increased by 2.2%, against 9.3% during the previous three months. The index for large non-manufacturers came out at +9, unchanged from the previous month. The outlook was +7, which would have been unchanged.
CURRENCY NEWS: The Japanese yen was trading at 122.73 to the dollar, stronger than levels above 122 seen against the greenback yesterday.
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