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Japanese shares fall on weak Wall Street finish, BOJ's absence

Published 12/05/2021, 03:52
Updated 12/05/2021, 03:54
© Reuters.
JP225
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TOPX
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7201
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7951
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2871
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5541
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7003
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9984
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6753
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7203
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TOKYO, May 12 (Reuters) - Japanese shares fell on Wednesday,
following a weak finish on Wall Street and as investors were
concerned by the Bank of Japan's absence despite a sharp drop in
the previous session.
The Nikkei share average .N225 fell 0.83% to 28,366.44 by
0204 GMT, after shedding more than 3% on Tuesday. The broader
Topix .TOPX lost 1.07% to 1,885.46.
Overnight, Wall Street ended lower amid speculations that
surging commodity prices and growing inflationary pressure could
lead to earlier-than-expected rate hikes. .N
"Today's market is dragged down by the Dow's decline," said
Yoshihiro Takeshige, general manager at investment management
department of Asahi Life Asset Management.
"The Bank of Japan seems to have become less active in
supporting the market, which made investors cautious about
making bids."
The Bank of Japan, which typically buys stocks in
exchange-traded funds (ETFs) in bulk when markets are falling,
did not step in on Tuesday, when both the Nikkei and Topix
marked their biggest daily drop since Feb. 26.
SoftBank Group 9984.T dragged the Nikkei lower by losing
2.9% despite a local media report that the tech start-up
investor was set to post record net profit later in the day.

Nissan Motor 7201.T tumbled 11.87% after the automaker
flagged a weaker-than-expected guidance for the current fiscal
year. Toyota Motor 7203.T , which is slated to issue its outlook
later on Wednesday, edged down 0.55%.
The largest percentage gainers in the index were Nichirei
2871.T , up 5.1%, followed by Yamaha 7951.T , gaining 5.08%,
and Sharp Corp 6753.T , up 5.05%.
The largest percentage losers in the index were Mitsui E&S
Holdings 7003.T , tumbling 14.26%, and Pacific Metals 5541.T ,
shedding 13.56%.

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