Japanese stocks weakened on Friday following an overnight plunge in US technology stocks. A stronger yen also weighed on sentiment, with chip-related stocks leading the decline. Renesas Electronics fell 3.9%, SoftBank Group slumped 7.3%, and Advantest plunged 6.1%.
In the forex market, USD/JPY moved to 152.95 from 153.87 at Thursday's close in Tokyo. A stronger yen typically weighs on exporters because overseas earnings are eroded upon conversion, putting pressure on the technology and chip component sectors.
Investors are now awaiting the release of financial reports and details of Prime Minister Sanae Takaichi's economic measures. The spotlight is also on Mitsubishi Heavy Industries, which will report its results today for clues on the outlook for the next quarter.
As of morning trading, the Nikkei Index was down 1.4% at 50,186.27. This decline reflects a combination of external pressure from Wall Street and domestic factors such as a stronger yen and caution ahead of a series of corporate earnings releases. (az)
Source: Newsmaker.id
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