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TOKYO: Japan’s Nikkei share average closed at a two-week low on Wednesday, tracking Wall Street declines overnight, on worries over a global economic slowdown and the impact of COVID-19 lockdowns in China on domestic corporate results.

The Nikkei share average fell 1.17% to close at 26,386.63, the lowest since April 12. The broader Topix lost 0.94% to 1,860.76.

Wall Street tumbled overnight, with the Nasdaq closing at its lowest since December 2020, as investors worried about slowing global growth and a more aggressive Federal Reserve.

“Ahead of the peak of the earnings season in Japan, the corporate outlook is becoming more uncertain due to an impact from China’s lockdown and the rise in energy costs,” said Shogo Maekawa, a global market strategist at J.P. Morgan Asset Management.

Market participants are concerned about China’s economic growth as Beijing races to stamp out a nascent COVID-19 outbreak in the capital and avert the same debilitating city-wide lockdown that has shrouded Shanghai for a month.

Tokyo stocks open higher after US gains

Fanuc fell 5.72% and was the biggest drag on the Nikkei after the robot maker missed expectations for annual operating profit.

Kikkoman tumbled 12.63% as a report said the soy sauce maker did not disclose outlook due to increase in costs.

Heavyweight chip equipment maker Tokyo Electron lost 1.49%.

Tokyo Electric Power Company erased early gains to fall 1.32% as Prime Minister Fumio Kishida said it was important to promote the use of nuclear power.

Asahi Group Holdings jumped 4.29% after the beer maker said it would raise prices on beer and domestic whisky from Oct. 1.

Peers also rose, with Sapporo Holdings jumping 7.44% to become the top gainer on the Nikkei, while Kirin Holdings rose 2.73%.

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