Japanese Shares Lower Again

Japanese shares fell, capping a second week of declines, after a warning by the European Central Bank about that region’s economic outlook sparked a rout in U.S. shares.

Honda Motor Co., which gets more than 80 percent of its revenue abroad, slid 1.5 percent. Mitsubishi Materials Corp., which processes metals including copper and zinc, tumbled 2.6 percent after a report it missed its first-half operating profit forecast. Gree Inc. jumped 8 percent after saying it will join a game-development venture with messaging-app operator Line Corp. Fast Retailing Co., which owns the Uniqlo clothing chain, added 1.7 percent on a higher profit forecast.

The Topix (TPX) lost 1.4 percent to 1,243.09 in Tokyo, its lowest close since Aug. 8, as all 33 industry groups slid. The gauge declined 3.1 percent this week and dropped 7.7 percent from its recent high on Sept. 25. Volume on the measure was 32 percent above the 30-day average. The Nikkei 225 Stock Average retreated 1.2 percent to 15,300.55, giving up 2.6 percent in its third straight weekly decline. The yen traded at 107.73, set for its first weekly advance since August.

Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.