TOKYO: Japan’s Nikkei share average fell on Friday for a fourth straight session ahead of the release of the key US non-farm payrolls, while a stronger yen weighed on sentiment.
The Nikkei closed 0.72% lower at 36,391.47 points, after falling as much as 1.7%.
For the week, the index lost 5.15%, its worst week since July 26.
“Investors wanted to reduce risks as they braced for a weak outcome of the US jobs data, which prompted a sell-off of stocks,” said Shingo Ide, chief equity strategist at NLI Research Institute.
The yen rose to a one-month high ahead of the key US jobs data due later in the day that could decide the size and speed of coming rate cuts in the world’s largest economy.
A firmer yen hurts exporters as it decreases the value of overseas profits in yen terms when firms repatriate them to Japan.
Chip-making equipment maker Tokyo Electron fell 1.9% to drag the Nikkei the most. Chip-testing equipment maker Advantest lost 1.38% and technology investor SoftBank Group lost 1.76%.
Source: Brecorder
