Japanese Market Extends Losing Streak

(RTTNews) - The Japanese stock market is sharply lower for a second straight session on Friday, with the benchmark Nikkei 225 treading below 28,500 levels, driven by continued selloff in technology shares. Investors are worried that rising bond yields in recent days could hurt high-growth companies reliant on easy borrowing. Worries about inflation also weighed on the market.

The benchmark Nikkei 225 Index is declining 578.31 points or 2.00 percent to 28,351.80, after touching a low of 28,310.10 in early trades. Japanese shares closed lower on Thursday.

Market heavyweight SoftBank Group is losing almost 3 percent, while Fast Retailing is declining nearly 5 percent. Among automakers, Honda is losing almost 1percent and Toyota is lower by almost 2 percent.

In the tech space, Advantest is losing almost 4 percent and Tokyo Electron is declining nearly 5 percent. In the banking sector, Mitsubishi UFJ Financial is down 0.8 percent, while Sumitomo Mitsui Financial is edging down 0.3 percent.

The major exporters are mostly lower, with Mitsubishi Electric declining almost 1 percent, Canon down more than 3 percent and Sony losing more than 2 percent, while Panasonic is edging up 0.4 percent.
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