Japanese shares dip as inflation worries hit global stocks

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TOKYO, Nov 18 (Businesshala) – Japanese shares fell cyclically on Thursday and with losses at oil companies, after a Wall Street rally eased on inflation concerns.

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As of 0205 GMT, the Nikkei stock average fell 0.69% to 29,484.82, while the broader Topics fell 0.44% to 2,029.37.

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The blow came as US stocks fell overnight, on concerns that the US Federal Reserve may have to raise interest rates more aggressively in the future to tame inflation.

A wide range of sectors were under water, with only four of the Tokyo Stock Exchange’s 33 industry sub-indices rising.

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Cyclical stocks such as shippers and steelmakers were among the top losers.

The TSE Maritime Transportation Index fell 5.0%, with the Kawasaki Kisen down 7.3% and the Nippon Yusen down 5.2%.

Steelmakers fell 1.4%, with industry leader Nippon Steel down 2.3%.

Christians fell 7.4% after a European Medicines Agency panel voted against approval of a Japanese drugmaker Alzheimer’s drug developed with Biogen Inc.

Oil-related stocks also fell as crude prices fell after a Businesshala report that the United States was asking major oil consumers such as China and Japan to consider a coordinated release of oil reserves.

On the other hand, some tech stocks held their ground after strong earnings gains from Nvidia up 1.7% and Murata Manufacturing up 1.4%.

Reporting by Hideyuki Sano; Editing by Rashmi Aichi

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