27 Jan , 2022 By : monika singh
TOKYO: Japan's Nikkei index ended at a 14-month low, dragged down by technology heavyweights, after the U.S. Federal Reserve's chairman signalled plans to steadily tighten policy.
The Nikkei share average lost 3.11% to 26,170, its lowest close since Nov. 24, 2020. The index, which fell for a third straight day, marked its biggest daily decline since June 21, 2021.
The broader Topix fell 2.61% to 1,842.44. Both the indexes opened higher.
"The U.S. market was not solid yesterday, that made investors cautious and they bet Wall Street might fall later today," said Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Research Institute.
Overnight, all three major U.S. stock indexes gyrated wildly in the final minutes of a session that ended with the Dow joining the S&P in negative territory and the Nasdaq eking out a nominal gain.
In Japan, electric motor maker Nidec fell 6.17%, giving up early gains, after its third-quarter operating profit dipped as rising material prices and a shortage of semiconductors squeezed margins.
Technology start-up investor SoftBank Group tanked 9.15%, chip-related Advantest lost 6.97% and game maker Sony Group fell 6.74%.
Bucking the trend, Fanuc gained 1.1?ter the robot maker raised its annual operating profit forecast.
Trading firm Marubeni gained 1.38?ter announcing the sale of the grains business of its U.S. unit Gavilon to commodities trader Glencore's Viterra arm.
Only two out of the 33 industry sub-indexes on the exchange gained, with insurance firms and oil explorers up 0.37% and 0.04%, respectively.
There were 25 advancers on the Nikkei index against 197 decliners.
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