Japanese Market Extends Losing Streak

(RTTNews) - The Japanese stock market is losing for the third straight day on Friday after U.S. stocks closed lower overnight as a report that showed initial jobless claims rose more than expected stoked concerns about the fragile economic recovery. Worries about inflation also weighed on the market.

The benchmark Nikkei 225 Index is declining 255.53 points or 0.85 percent to 29,980.56, after touching a low of 29,970.59 in early trades. Japanese shares closed lower on Thursday.

Market heavyweight SoftBank Group is adding 0.4 percent, while Fast Retailing is declining more than 1 percent. Among automakers, Honda is losing more than 2 percent and Toyota is lower by almost 1 percent.

In the tech space, Advantest is rising almost 3 percent and Tokyo Electron is advancing more than 2 percent. In the banking sector, Mitsubishi UFJ Financial is down 0.3 percent, while Sumitomo Mitsui Financial is edging up 0.1 percent.

The major exporters are lower on a stronger yen. Mitsubishi Electric and Panasonic are declining more than 1 percent each, while Canon and Sony are down 0.2 percent each.
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