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

08/19/2021 | 11:27pm EST

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 0.71% 9880 End-of-day quote.27.81%
AISIN CORPORATION -4.01% 4190 End-of-day quote.35.38%
DAIICHI SANKYO COMPANY, LIMITED -1.02% 2912 End-of-day quote.-17.62%
DENSO CORPORATION -1.79% 8502 End-of-day quote.38.60%
HONDA MOTOR CO., LTD. -3.79% 3124 End-of-day quote.8.57%
MITSUI & CO., LTD. -1.88% 2632 End-of-day quote.39.30%
NINTENDO CO., LTD. 2.99% 51340 End-of-day quote.-22.01%
NISSAN MOTOR CO., LTD. -5.63% 593.5 End-of-day quote.5.98%
NVIDIA CORPORATION 5.13% 331.2399 Delayed Quote.141.31%
TOKYO ELECTRON LIMITED -0.39% 60600 End-of-day quote.57.81%
TOYOTA MOTOR CORPORATION -3.01% 2012 End-of-day quote.26.43%
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