Japanese Market Loses

(RTTNews) - The Japanese stock market is losing on Monday after U.S. stocks closed lower on Friday, reflecting a negative reaction to earnings from major banks and weak U.S. retail sales data. Investors also turned cautious as they looked ahead to the release of economic data, including GDP figures, from China later today.

The benchmark Nikkei 225 Index is declining 250.49 points or 0.88 percent to 28,268.69, after touching a low of 28,111.54 in early trades. Japanese shares fell on Friday from the 30-year high hit the previous day.

Market heavyweight SoftBank Group is edging down 0.1 percent and Fast Retailing is declining 0.7 percent. In the tech space, Advantest is lower by more than 1 percent and Tokyo Electron is down 0.7 percent.

The major exporters are mostly lower despite a slightly weaker yen. Canon is losing more than 2 percent, while Mitsubishi Electric and Sony are declining almost 1 percent each. Panasonic is advancing almost 2 percent.

In the banking sector, Sumitomo Mitsui Financial is losing more than 1 percent and Mitsubishi UFJ Financial is lower by almost 1 percent. Among automakers, Honda is down 1 percent and Toyota is lower by almost 1 percent.
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