Japan's Nikkei slips to 15-month low as Russia Ukraine crisis intensifies

Japan's Nikkei index hit a 15-month low on Friday as global markets remain on edge following reports of Europe's largest nuclear power plant set on fire amid an intensifying war between Ukraine-Russia

Japan's Nikkei index hit a 15-month low on Friday as global markets remain on edge following reports of Europe's largest nuclear power plant set on fire amid an intensifying war between Ukraine and Russian troops.
 

The Nikkei index was down 2% at 26,055.49, as of 0212 GMT, after falling up to 3% earlier in the session to touch its lowest level since November 2020. The broader Topix slipped 1.51% to 1,853.42. The Nikkei lost 1.72% so far this week while the Topix is on course to end the week 1.28% lower.
 

The Zaporizhzhia nuclear power plant in Ukraine, the largest of its kind in Europe, was on fire early on Friday after an attack by Russian troops, Dmytro Orlov, the mayor of the nearby town of Energodar, said in an online post. Early reports of the incident at the power plant sent financial markets in Asia spiralling, with stocks tumbling and oil prices surging further.
 

"Investors were on the risk-off mood globally because of the news on the fire at the nuclear power plant. Japan's Nikkei fell the most among other markets because investors used its liquidity and size for a risk hedge," said Chihiro Ohta at the investment research and investor services at SMBC Nikko Securities.
 

Wall Street ended the overnight session lower, with growth stocks including Tesla and Amazon denting the Nasdaq, as the Ukraine crisis unnerved investors.

In Tokyo, index heavyweights slumped with chipmaking equipment manufacturer Tokyo Electron falling 3.79%, Uniqlo clothing store owner Fast Retailing losing 2.11% and technology investor SoftBank Group slipping 4.2%.

Bucking the dull mood, shippers gained 1.72%, rising the most the most among sectors in Tokyo Stock Exchange's 33 industry sub-indexes, with Mitsui OSK Lines rising 4.05% and Nippon Yusen KK gaining 1.27%. There were 28 advancers in the Nikkei index against 197 decliners.