Economy

Nikkei falls after weakness in large cap stocks

Date: Dec 4, 2017

Japan's Nikkei share average fell on Monday with weakness in large-cap stocks such as Fanuc and Soft Bank taking a toll, while tech shares also lost ground, offsetting gains in retail stocks which rose on strong monthly sales.

The Nikkei dropped 0.5 % to 22,707.16. The broader Topix slipped 0.5 % to 1,786.87, with turnover of only ¥2.41 trillion  ($21.36 billion), the lowest in more than a week.

Industrial robot maker Fanuc Corp shed 2.0 % and Soft Bank Group Corp declined 1.1%.

Tech shares were sold, with Advantest Corp falling1.4 % and Panasonic Corp shedding 1.2%.

Department store operators gained ground, with Isetan Mitsukoshi Holdings rising 1.3 %, J. Front Retailing and Takashimaya Co both adding 1.7 %after they posted strong monthly sales in November thanks to higher inbound-tourism demand and strong sales of winter clothes.

Meanwhile Japanese government bond prices slipped on Monday, taking cues from a fall in United States Treasuries after the US Senate approved a tax overhaul during the weekend in a major step for President Donald Trump's tax cut plans.

--Reuters--

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