Japan Nikkei end lower as tech stocks drag

Japan share market finished session lower on Monday, 11 April 2022, as investors' appetite for riskier assets dented amid lingering worries over the economic costs of war in Ukraine and a worsening coronavirus outbreak in Shanghai.

At closing bell, the 225-issue Nikkei Stock Average fell 164.28 points, or 0.61%, to 26,821.52. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 7.15 points, or 0.38%, to 1,889.64.

Tech stocks tumbled on tracking decline in US peers as unease lingered over tightening monetary policy by the United States. Technology investor SoftBank Group lost 2.69%, while medical services platform M3 fell 5.34%.

 

Shares of renewable and nuclear power energy gained after Prime Minister Fumio Kishida announced a ban on Russia coal, a move that could accelerate the transition to renewable energy and the restarting of nuclear plants. Tokyo Electric Power Company Holdings and Chubu Electric Power climbed 16.2% and 7.4%, respectively. Renewable energy firm Renova advanced 3.05%.

CURRENCY NEWS: The dollar fetched 124.89 yen in Asian trade against 124.30 yen in New York late Friday.

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