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Nikkei nears 4-week low on tepid Wall Street, Omicron impact

01/13/2022 | 09:41pm EDT

TOKYO, Jan 14 (Reuters) - Japan's Nikkei index touched a near four-week low on Friday, tracking weak overnight performance on Wall Street, with technology heavyweights leading the losses, while concerns over the impact of the Omicron variant also curbed risk appetite.

The Nikkei share average was down 1.9% at 27,937.76, as of 0200 GMT, after falling below 28,000 for the first time since Dec. 20. The broader Topix dropped 2.06% to 1,964.21.

The Nikkei lost about 2% so far this week and Topix slipped 1.6% for the week.

"The Japanese market fell too much today - it dropped more than the Dow and S&P overnight. Sentiment has been weakened by the expected rate hikes in the United States so there are not many buyers for Japanese shares," said Jun Morita, general manager of the research department at Chibagin Asset Management.

All major indexes on Wall Street closed lower, with the tech-heavy Nasdaq leading losses after a three-day rally, amid talks signalling that the U.S. Federal Reserve would raise rates as early as in March.

"Investors are also worried about the Omicron impact. Japan was faring better than other countries, but now the number of infections have started surging here as well."

Tokyo recorded a new four-month high in COVID-19 infections on Thursday, and experts forecast the spread of the Omicron will cause the daily count to triple by month's end.

Staffing agency Recruit Holdings, which many investors see as a tech stock due to its holding in U.S. online job search firm Indeed, dragged down the Nikkei the most with a 5.52% drop.

Robot maker Fanuc fell 4.81% and air-conditioner maker Daikin Industries slipped 4.07%.

Fast Retailing jumped 7.17%, as the owner of Uniqlo clothing stores said it would have to raise pries of some products due to higher costs for raw materials and shipping.

Hitachi gave up early gains to fall 1.21% after local media reported the conglomerate would sell part of its stake in Hitachi Construction Machinery. Hitachi Construction tumbled 17.52%.

(Reporting by Junko Fujita; Editing by Sherry Jacob-Phillips)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DAIKIN INDUSTRIES, LTD. 0.18% 19445 Delayed Quote.-25.60%
FANUC CORPORATION -0.41% 20825 Delayed Quote.-14.23%
FAST RETAILING CO., LTD. -0.47% 59580 Delayed Quote.-8.34%
HITACHI CONSTRUCTION MACHINERY CO., LTD. 0.27% 2920 Delayed Quote.-12.42%
MORITA HOLDINGS CORPORATION -0.08% 1271 Delayed Quote.-2.75%
NASDAQ COMP. 1.51% 11434.74 Real-time Quote.-28.00%
NIKKEI 225 -0.26% 26677.8 Real-time Quote.-7.10%
ON SEMICONDUCTOR CORPORATION 3.19% 56.24 Delayed Quote.-19.76%
RECRUIT HOLDINGS CO., LTD -3.11% 4457 Delayed Quote.-34.02%
S&P 500 0.95% 3978.73 Real-time Quote.-17.30%
TOPIX INDEX -0.09% 1876.58 Delayed Quote.-5.73%
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Analyst Recommendations on FAST RETAILING CO., LTD.
More recommendations
Sales 2022 2 217 B 17 424 M 17 424 M
Net income 2022 194 B 1 522 M 1 522 M
Net cash 2022 621 B 4 878 M 4 878 M
P/E ratio 2022 31,5x
Yield 2022 0,92%
Capitalization 6 088 B 47 841 M 47 841 M
EV / Sales 2022 2,47x
EV / Sales 2023 2,18x
Nbr of Employees 55 589
Free-Float 51,4%
Duration : Period :
Fast Retailing Co., Ltd. Technical Analysis Chart | 9983 | JP3802300008 | MarketScreener
Technical analysis trends FAST RETAILING CO., LTD.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 59 580,00 JPY
Average target price 69 674,17 JPY
Spread / Average Target 16,9%
EPS Revisions
Managers and Directors
Tadashi Yanai Director
Takeshi Okazaki CFO, Director & Group Senior Executive Officer
Masaaki Shintaku Independent Outside Director
Toru Hambayashi Independent Outside Director
Nobumichi Hattori Independent Outside Director
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FAST RETAILING CO., LTD.-8.34%48 337
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