Nikkei edges lower as index-heavy stocks weaken

Reuters | | Updated on: Apr 23, 2018

Financial gain as US Treasury yields rise

Japan's Nikkei share average edged lower on Monday morning after index-heavy stocks such as SoftBank and Terumo lost ground, offsetting gains in financial stocks, which rallied after US yields rose.

The Nikkei fell 0.2 per cent to 22,114.03 in midmorning trade. Medical equipment maker Terumo Corp stumbled 3.4 per cent and SoftBank shed 1.0 per cent, collectively knocking 25 points off the Nikkei.

Apple-suppliers were sold after Morgan Stanley forecast weak demand for the tech giant's latest iPhones, a day after Taiwan Semiconductor raised fears of softer smartphone sales. Murata Manufacturing and TDK Corp both dropped 1.3 per cent.

Financial stocks, which invest in foreign bonds, outperformed following a rise in US yields with insurers T&D Holdings up 6 per cent, Dai-ichi Life surging 4.3 per cent and Mitsubishi UFJ Financial Group 2.1 per cent higher.

The broader Topix rose 0.1 per cent to 1,753.44.

Published on April 23, 2018
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