TOKYO: Japanese shares succumbed to broad selling pressure in global stocks on Thursday following worries about their high valuation, resurgent coronavirus infections and the spectre of a slowdown in budding economic recoveries worldwide.
Nikkei share average lost 1.11% to 23,087.82, falling below a key support from its 25-day average at 23,217 to its lowest finish in half a month. The broader Topix lost 1.08% to 1,626.44, with cyclicals such as steelmakers and carmakers hit the most.
Nippon Steel lost 4.1% while rival JFE Holdings tanked 6.1%. Among carmakers, Honda lost 4.2% while Subaru shed 3.0%. Elsewhere, Sumitomo Mitsui Trust dropped 3.1%, hit by concerns about reputational damages after the Japanese company made errors in vote-counting of shareholders' meetings it administers.
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