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    Tokyo shares end lower, extending global rout

    Synopsis

    Hitachi fell 3.61 percent to 6,114 yen. A report released Friday said Hitachi and General Electric will jointly develop a next-generation nuclear reactor intended to address safety issues that contributed to the 2011 Fukushima nuclear crisis.

    Tokyo shares end lower, extending global routReuters
    Tokyo stocks closed lower on Friday, extending falls on Wall Street where higher US Treasury yields, inflation and rising recession fears persisted.

    The benchmark Nikkei 225 index lost 1.83 percent, or 484.84 points, to end at 25,937.21 -- its lowest level since July 1 -- while the broader Topix index dropped 1.76 percent, or 32.86 points, to 1,835.94.

    Many investors also refrained from making aggressive moves as the financial half-year comes to an end in Japan.

    Overnight, Wall Street's main indices slumped as US Treasury yields continued to rise and the latest data showed a drop in first-time unemployment benefit claims, falling below 200,000 for the first time since May.

    Global investors are still dumping shares because the US Federal Reserve is committed to its plan for aggressive rate hikes, Daiwa Securities said.

    In line with falls on Wall Street, "international cyclical shares such as exporters are broadly trading lower", it said, adding that Apple shares fell sharply overnight after analysts downgraded the tech giant.

    This "led Apple suppliers and tech-related shares to turn softer", Daiwa said.

    The dollar stood at 144.48 yen, nearly flat from 144.42 yen in New York late Thursday.

    Japan's jobless rate in August stood at 2.5 percent, down 0.1 percent from the previous month, while the number of jobs available to every 100 job seekers improved to 132 from 129, official data showed.

    Among major equities, SoftBank Group dropped 2.60 percent to 4,900 yen, Sony Group lost 3.16 percent to 9,286 yen, and Toyota plunged 4.21 percent to 1,876 yen.

    Hitachi fell 3.61 percent to 6,114 yen. A report released Friday said Hitachi and General Electric will jointly develop a next-generation nuclear reactor intended to address safety issues that contributed to the 2011 Fukushima nuclear crisis.




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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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