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By Sam Byford
Sept 7 (Reuters) – Japanese stocks fell about 1% on Wednesday as investor considerations of a COVID-ravaged economy overshadowed the strong functionality of exporters’ stocks, which gained with a weaker yen.
Japan’s average Nikkei inventory fell 0. 95%, following overnight losses on Wall Street, where the top 3 indices fell when a report from the U. S. facilities industry fell to the nib. The U. S. Food and Drug Administration underscored expectations that the Federal Reserve would maintain its competitive stance of raising rates.
The Nikkei fell to 27,268. 70 in early trading, its lowest level since July 19, before settling at 27,362. 83.
The broadest Topix index is 0. 77%.
“There is a link between economic knowledge in the U. S. and”U. S. and fears of an acceleration in financial tightening,” said a market participant at a national securities firm.
Of the 225 constituents of the Nikkei, 183 fell, 39 registered and 3 traded flat.
Tech stocks pushed the index lower, with chipmaker Tokyo Electron and SoftBank Group Corp having the negative impact.
Transport and logistics company Nippon Yusen KK posted the largest single loss, down 5. 96%. Its industry peers, Mitsui O. S. K. Lines Ltd and Kawasaki Kishen Kaisha Ltd, lost 5. 15% and 4. 88%, respectively.
Some nikkei gained gains after the Japanese yen fell to a 24-year low of 143. 57 to the dollar, boosting exporters’ incomes.
Car brands have been the protagonists. Subaru Corp gained 3. 25%, Mitsubishi Motors Corp gained 3. 10% while Mazda Motor Corp rose 2. 36%.
Shares of video game company Nintendo Co Ltd, which makes much of its profit from high-margin software sales overseas, rose 1. 52 to be the biggest contributor to the Nikkei.
(Reporting through Sam Byford and the Tokyo Markets team; editing through Sherry Jacob-Phillips)