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Tokyo stocks end lower tracking Wall Street tech losses

TOKYO
2024-07-18 17:15

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TOKYO, July 18 (Xinhua) -- Tokyo stocks closed lower on Thursday tracking losses in the overnight U.S. stock market, especially those in semiconductor-related sectors.

Japan's benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended down 971.34 points, or 2.36 percent, from Wednesday to close the day at 40,126.35.

The broader Topix index, meanwhile, finished 46.58 points, or 1.6 percent, lower to 2,868.63.

Market watchers here noted that semiconductor-related stocks in Tokyo, such as Tokyo Electron, plummeted across the board following a significant drop in the Philadelphia Semiconductor Index in the U.S. stock market, amid uncertainties for the semiconductor industry.

Analysts also pointed out that the Japanese yen's rise against the U.S. dollar in the forex market also led to the sluggish performance of export-related stocks.

The yen briefly rose to the mid-155 yen level against the dollar, marking its highest level in about a month on the Tokyo forex market on Thursday, and the diminished expectation of increased profits for export companies led to expanded selling in stocks like Toyota.

On the Prime Market, declining issues outnumbered advancing ones by 1,136 to 467, with 43 issues remaining unchanged.

Issues of Advantest, Disco, and Lasertec were among the notable decliners.
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