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.
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.
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.
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%.