Japan Market extends losses

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Japanese share market finished lower in relatively slow trading on Wednesday, 10 August 2022, weighed down by chip-related stocks after a dismal forecast from Micron Technology. Investors were also cautious ahead of the U.S inflation data later in the day and the Tokyo market will be closed for a public holiday on Thursday.

At closing bell, the 225-issue Nikkei Stock Average index was down by 180.63 points, or 0.65%, to 27,819.33. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 3.37 points, or 0.17%, to 1,933.65.

Chip-related stocks declined, with Advantest, a major producer of testing kits for semiconductors, plunging 3.56% to 8,120 yen, while chip-making equipment manufacturer Tokyo Electron dropped 2.61% to 44,410 yen.

CURRENCY NEWS: The U.S. dollar was firm around the 135 yen line as an overnight rise in long-term U.S. Treasury yields prompted investors to buy the U.S. unit. At 5 p.m., the dollar fetched 134.94-96 yen compared with 135.09-19 yen in New York and 134.88-90 yen in Tokyo at 5 p.m. Tuesday.

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