Japan share market finished session lower on Friday, 11 March 2022, on tracking a selloff on Wall Street overnight fuelled by fears of a protracted conflict in Ukraine after the first face-to-face cease-fire talks between Ukrainian Foreign Minister Dmytro Kuleba and his Russian counterpart Sergey Lavrov in Turkey ended without progress amid Moscow's ongoing invasion.
Meanwhile, selloff momentum fuelled further amid worries about inflation, which were exacerbated by a report from the Labor Department showing the annual rate of consumer price growth accelerated to the highest rate since January 1982, cementing expectations that the Federal Reserve would raise key interest rates at its meeting next week to prevent the economy from overheating.
At closing bell, the 225-issue Nikkei Stock Average stumbled 527.62 points, or 2.05%, to 25,162.78. The broader Topix index of all First Section issues on the Tokyo Stock Exchange declined 30.49 points, or 1.67%, to 1,799.54.
Total 21 of 33 TSE issues declined, with bottom performing industry category were Electric Power & Gas, Marine Transportation, Precision Instruments, Pharmaceutical, Services, Warehousing & Harbor Transportation Services, and Oil & Coal Products issues, while top gaining industry category included Rubber Products, Air Transportation, Banks, and Transportation Equipment issues.
Among individual stocks, Fast Retailing was down 2.55% after saying its casualwear business Uniqlo will suspend operations in Russia, backtracking on an earlier decision to keep its stores in the country open.
Toyota dived 5% as a report said the car giant will reduce domestic production in April by 20% compared with its earlier plans.
Toshiba dropped 1.6% after an influential advisory firm opposed the company's plans to split into two.
CURRENCY NEWS: Japanese yen depreciated to upper 116 level against greenback on Friday as demand for high yielding units resumed after U. S.
Treasury yields rose overnight on data suggesting an acceleration in inflation, reinforcing expectation for the U. S. Federal Reserve to take a more hawkish stance in order to tackle inflation. The Japanese yen traded at 116.71 per dollar, still weaker than levels below 115.5 seen against the greenback earlier this week.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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