Tokyo Stocks Extend Sharp Decline on Thursday
(MENAFN) Tokyo shares extended their downward momentum on Thursday, hit hard by declines in exporter and pharmaceutical sectors.
The Nikkei 225 index dropped 278.38 points, or 0.65%, closing at 42,610.17, as investor sentiment was dragged down by ongoing weakness.
Markets in Tokyo mirrored losses seen on Wall Street, where the tech-focused Nasdaq Composite fell overnight due to profit-taking and portfolio reshuffling.
In Japan, key semiconductor-related stocks including Tokyo Electron and SoftBank Group faced heavy selling pressure. Additionally, a stronger yen against the U.S. dollar put further strain on exporter valuations.
Pharmaceutical stocks also contributed to the overall market decline.
Meanwhile, the broader Topix index decreased 15.96 points, or 0.52%, ending the day at 3,082.95.
On the Tokyo Stock Exchange Prime Market, decliners outpaced gainers 879 to 673, with 68 stocks unchanged.
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