Japan's Nikkei posts first weekly drop in five as tech drags

Dec 01, 2023 | News On Japan

TOKYO - Japan's Nikkei share average drifted lower on Friday (Dec 1) to post its first weekly drop in five, as tech shares slumped on elevated bond yields after economic data provided more clues that the US Federal Reserve could end rate hikes.

Technology companies tend to be highly leveraged, making them sensitive to changes in interest rates.

The Nikkei ended the day 0.17 per cent lower at 33,431.51, and lost 0.58 per cent this week.

The biggest gainers of the session on the Nikkei 225 were Mitsui Engineering & Shipbuilding (TYO:7003), which rose 5.34% or 29.00 points to trade at 572.00 at the close. Seven & i Holdings Co., Ltd. (TYO:3382) added 5.31% or 292.00 points to end at 5,787.00 and Trend Micro Inc. (TYO:4704) was up 4.51% or 339.00 points to 7,853.00 in late trade.

Biggest losers included Rakuten Inc (TYO:4755), which lost 4.39% or 25.70 points to trade at 560.00 in late trade. Taiyo Yuden Co., Ltd. (TYO:6976) declined 3.63% or 139.00 points to end at 3,695.00 and CyberAgent Inc (TYO:4751) shed 3.11% or 27.80 points to 866.80.

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