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Japan's Nikkei stock index falls to 6-week low

Japan's Nikkei stock index falls to 6-week low

Japan's Nikkei stock index dropped to a six-week low Friday, pressured by a strong yen and fresh concern over the U.S. economic outlook as major technology firms gave disappointing forecasts.
The benchmark Nikkei 225 stock average lost 216.25 points, or 2.1 percent, to 10,198.04, the lowest finish since Dec. 21 when the index ended at 10,183.47.
The Nikkei index fell 3.7 percent for the week. The broader Topix index fell 1.4 percent Friday to 901.12.
"Selling spread across the board as investors were jittery again over the U.S. economic outlook," said Yutaka Miura, senior strategist at Mizuho Securities Co. Ltd.
Fresh pessimism over the U.S. economy was fueled after chip maker Qualcomm Inc. and Motorola Inc. gave disappointing profit forecasts.
Japan's market was dragged down by a strong yen, which hurts Japanese exporters as it cuts the value of their repatriated profits.
Among blue chips, Toyota Motor Corp. fell 2.0 percent to 3,490 yen. The world's largest automaker is struggling to salvage its safety reputation in the wake of massive recalls in the U.S., Europe and China.
Toyota's rival Honda Motor Co. declined 2.1 percent to 3,075 yen. But Nissan Motor Co. rose 0.6 percent to 736 yen.
Sony Corp. was down 2.4 percent at 3,010 yen. Game maker Nintendo Co. dropped 3.9 percent to 25,300 yen after the company reported a fall in profits Thursday for the April-December, hit by price cuts and a strong yen.
In currencies, the dollar rose to 90.18 yen in Tokyo Friday afternoon from 89.87 yen Thursday in New York. In early Tokyo trade Friday, the dollar traded at 89.80-90 yen level. The euro slipped to $1.3950 from $1.3972.


Updated : 2021-07-25 12:23 GMT+08:00