Japanese stocks tumble as chip-related stocks drop
Japan’s Nikkei share average fell on Monday amid losses on Wall Street and a stronger yen, while semiconductor equipment manufacturers and financial stocks underperformed.
The Nikkei ended 0.6 per cent lower at 22,261.76 points, reports Reuters.
The broader Topix slipped 0.2 per cent to 1,759.65, with 1.455 billion shares changing hands, the lowest level in a month. Turnover also dropped to a one-month low of 2.35 trillion yen.
Shares of semiconductor equipment manufacturers tumbled, with Tokyo Electron Ltd slipping 2.0 per cent and Advantest Corp declining 2.8 per cent after the Philadelphia Semiconductor Index fell 0.5 per cent on Friday.
Financial stocks also tumbled, with Nomura Holdings dropping 1.2 percent and Mitsubishi UFJ Financial Group skidding 1.1 per cent.
Bucking the weakness, Toyota Motor Corp rose 0.2 per cent and Suzuki Motor Corp gained 0.7 per cent after the automakers said they are linking up to sell electric vehicles in India from around 2020.