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Nikkei slides to 7-month low as Toyota drags peers, other cyclicals

08/19/2021 | 11:27pm EDT

TOKYO, Aug 20 (Reuters) - Japan's Nikkei stock average extended its decline to a seven-month low on Friday, led by a slump in shares with strong link to the global economy, while Toyota Motor dragged its peers and affiliates lower.

The Nikkei share average fell 0.68% to 27,096.65 in the morning session, hovering just above the year-to-date low of 27,002 on January 6.

The broader Topix dropped 0.4% to 1,889.61.

For the week, Nikkei is set to lose after two straight weeks of gains.

"The Dow fell for a third straight sessions and that has prompted sell-offs in shares linked to the global economy," said Takatoshi Itoshima, strategist at Pictet Asset Management.

"Japan is in a critical situation due to a resurgence of the COVID-19 infections but so far it has managed to avoid a plunge in the stock markets only because there was a support from the robust U.S. markets."

Shippers fell the most among the Tokyo Stock Exchange's 33 industry subindexes, with a drop of 6.15%.

Auto and parts makers extended losses after Toyota Motor said it would cut its global production by 40% next month.

Toyota fell 2.04%, while Honda Motor lost 3.43% and Nissan Motor dropped 5.07%.

Toyota's affiliates Denso tumbled 7.09% while Aisin lost 5.28%.

Chip-related shares were also weak despite gains in their U.S. peers after chip maker Nvidia Corp's forecast of third-quarter revenue beat Wall Street's expectations.

Advantest snapped earlier gains to fall 0.45%, while Tokyo Electron just edged up 0.02%.

Daiichi Sankyo gained the most among the top 30 core Topix names, with a gain of 3.52 %, followed by Nintendo , which rose 1.49%.

Honda Motor was the worst performer among the top 30 core Topix names, Mitsui & Co, losing 3.33%. (Reporting by Junko Fujita; Editing by Krishna Chandra Eluri)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION 1.68% 9100 End-of-day quote.17.72%
AISIN CORPORATION 2.17% 4240 End-of-day quote.37.00%
DAIICHI SANKYO COMPANY, LIMITED 0.77% 2942.5 End-of-day quote.-16.76%
DENSO CORPORATION 3.33% 7902 End-of-day quote.28.82%
HONDA MOTOR CO., LTD. 1.37% 3477 End-of-day quote.20.83%
MITSUI & CO., LTD. 1.19% 2592 End-of-day quote.37.18%
NINTENDO CO., LTD. -0.23% 51530 End-of-day quote.-21.72%
NISSAN MOTOR CO., LTD. 1.27% 587.8 End-of-day quote.4.96%
NVIDIA CORPORATION 0.53% 218.62 Delayed Quote.67.46%
TOKYO ELECTRON LIMITED 2.97% 49550 End-of-day quote.29.04%
TOYOTA MOTOR CORPORATION 0.40% 1993.5 End-of-day quote.25.27%
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