Tokyo stocks move lower ahead of key earnings
- Nissan plunged 9.73 percent to 522.3 yen after missing forecasts for a profit of 133 billion yen as it was hit by a global shortage of chips for its vehicles.
TOKYO: Tokyo stocks slipped on Wednesday morning, extending the previous day's rout, as investors awaited the release of earnings reports from major firms including Toyota and SoftBank.
The benchmark Nikkei 225 fell 0.64 percent, or 182.25 points, to 28,426.34, while the broader Topix index sank 0.93 percent, or 17.67 points, to 1,888.25, with both indexes giving up initial gains.
The Nikkei shed more than three percent Tuesday, with tech companies taking a major hit owing to concerns about US inflation that could force the Federal Reserve to hike interest rates.
Shares in Toyota, the world's top-selling automaker, were down 0.22 percent at 8,323 yen, while conglomerate SoftBank Group lost 1.90 percent to 9,327 yen despite a report saying it was expected to post a full-year net profit of 4.9 trillion yen ($45 billion).
Nissan plunged 9.73 percent to 522.3 yen after missing forecasts for a profit of 133 billion yen as it was hit by a global shortage of chips for its vehicles.
The dollar fetched 108.74 yen, compared with 108.62 yen in New York late Tuesday.
On Wall Street, the Dow ended down 1.4 percent, the S&P 500 retreated 0.9 percent and the Nasdaq was down 0.1 percent.
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