The Japanese stock market is sharply lower on Wednesday, extending the slight losses in the previous two sessions, with the benchmark Nikkei index losing almost 800 points to be below the 29,400 level, following the broadly negative cues overnight from Wall Street and the China power crisis that drastically hit Toyota’s production and supply chain.
The benchmark Nikkei 225 Index closed the morning session at 29,394.42, down 789.54 points or 2.62 percent, after hitting a low of 29,379.00 earlier. Japanese stocks closed slightly lower on Tuesday.
Market heavyweight SoftBank Group is losing more than 2 percent and Uniqlo operator Fast Retailing is edging down 0.5 percent. Among automakers, Honda is losing 1.5 percent and Toyota is plummeting 80 percent as China power crisis drastically hits its production and supply chain.
In the tech space, Screen Holdings is losing more than 4 percent, while Advantest and Tokyo Electron are declining almost 5 percent each.
In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are losing almost 4 percent each, while Mitsubishi UFJ Financial is down almost 3 percent.
Among the major exporters, Panasonic is losing 3.5 percent, Sony is declining more than 4 percent, Canon is down more than 1 percent and Mitsubishi Electric is lower by almost 2 percent.
Among the other major losers, Japan Post Holdings is losing almost 5 percent, while Hitachi and Daikin Industries are down more than 4 percent each. Taiyo Yuden is lower by almost 4 percent, while Recruit Holdings, Z Holdings, Yaskawa Electric, GS Yuasa, Casio Computer, Olympus and Sumitomo Realty & Development are all declining more than 3 percent each.
Conversely, Kawasaki Kisen Kaisha is gaining more than 4 percent, while IHI and Mitsui O.S.K. Lines are adding almost 4 percent each. Nippon Yusen K.K. is down more than 3 percent.
In the currency market, the U.S. dollar is trading in the mid-111 yen-range on Wednesday.
On Wall Street, stocks moved sharply lower during trading on Tuesday, following the mixed performance seen in the previous session. With the steep drops on the day, the Nasdaq and the S&P 500 fell to their lowest closing levels in one and two months, respectively.
The major averages all finished the day firmly in negative territory. The Dow tumbled 569.38 points or 1.6 percent to 34,299.99, the Nasdaq plunged 423.29 points or 2.8 percent to 14,546.68 and the S&P 500 slumped 90.48 points or 2 percent to 4,352.63.
The major European markets all also moved to the downside on the day. While the U.K.’s FTSE 100 Index fell by 0.5 percent, the German DAX Index and the French CAC 40 Index plunged by 2.1 percent and 2.2 percent, respectively.
Crude oil futures ended lower Tuesday, snapping a five-day winning streak as a sell-off in stock markets and a stronger dollar weighed on the commodity. West Texas Intermediate Crude oil futures for November ended lower by $0.16 or 0.2 percent at $75.29 a barrel.
Market Analysis
Japanese Market Plummets
2021-09-29 02:25:37
