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Tokyo stocks close lower on weak earnings

Written by The Frontier Post

TOKYO (AFP/APP): Tokyo stocks closed lower on Thursday as some major shares were sold on weak earnings, with little impact from the Bank of Japan’s decision to keep its policy unchanged. The benchmark Nikkei 225 index closed down 0.96 percent or 278.15 points at 28,820.09 while the broader Topix index ended down 0.70 percent or 14.15 points at 1,999.66.
“Key indexes are down as some shares were sold heavily due to earnings reports” that were worse than market expectations, Daiwa Securities said.
Industrial robot manufacturer Fanuc dived 8.66 percent to 22,250 yen after it revised down its full-year profit forecast due to uncertainties linked to the global microchip shortage.
IT firm Fujitsu sank 8.14 percent to 19,985 yen after its second-quarter earnings missed market estimates and the firm kept its forecasts below traders’ expectations. Hitachi was down 1.92 percent at 6,650 yen after it trimmed its full-year operating profit forecast.
Sony ended down 1.60 percent at 12,895 yen. After market close, the electronics giant said it has upgraded its full-year profit and sales forecasts.
During trading hours, the Bank of Japan revised down its annual growth forecast and maintained its ultra-loose monetary policy. The move did not prompt a strong market reaction.
The dollar fetched 113.51 yen in Asian trade, against 113.82 yen in New York late Wednesday.

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