Tokyo Stocks End Wednesday Down
(MENAFN) Tokyo’s stock market stumbled on Wednesday, ending the previous day’s rally amid persistent weakness in technology and financial sectors.
The Nikkei 225 index, Japan’s key benchmark, closed at 41,938.89, tumbling 371.60 points or 0.88 percent from Tuesday’s finish.
From the opening bell, semiconductor-linked stocks like Tokyo Electron and SoftBank Group faced heavy selling pressure. This followed a decline in U.S. tech shares overnight, triggered by rising U.S. Treasury yields that stoked fears over stock valuations.
The Nikkei’s losses deepened to over 440 points during afternoon trading before bargain hunters emerged, helping to slow the slide.
Banking stocks also suffered significant declines, with Mitsubishi UFJ and other major lenders experiencing sharp drops.
The broader Topix index fell 32.99 points, or 1.07 percent, closing at 3,048.89.
On the Tokyo Stock Exchange Prime Market, 832 issues fell, 740 advanced, and 47 remained unchanged.
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