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Japanese shares fall on caution over Fed's monetary tightening, Omicron

12/16/2021 | 10:09pm EDT

TOKYO, Dec 17 (Reuters) - Japanese shares fell on Friday, dragged down by heavyweight technology shares, amid caution about rate increase after U.S. Federal Reserve showed a hawkish move, while fears for the Omicron coronavirus variant hit travel-related shares.

The Nikkei share average fell 0.92% to 28,799.60 by the midday break, after rising more than 2% in the previous session. The index is set to post a 1.27% weekly gain.

The broader Topix was down 0.7% to 1,998.96 and on course to gain 1.19% for the week.

"Today's decline is a natural reaction to the Fed's monetary tightening. The market jumped yesterday because those who had shorted Japanese shares bought back stocks," said Tomoichiro Kubota, senior market analyst at Matsui Securities.

"Towards the end of the year, investors will remain largely cautious about the monetary tightening."

On Wednesday, the Fed said it would accelerate a tapering of its bond-buying stimulus to end the program in March, setting up three quarter-point rate increases next year.

The Bank of England overnight also surprised markets by becoming the first major global central bank to raise interest rates.

In Japan, technology shares tracked a sharp loss of the Nasdaq overnight, with chip-related Tokyo Electron leading Nikkei declines, losing 1.96%.

Air-conditioning maker Daikin Industries fell 2.17% and technology investor SoftBank Group 1.42%.

Travel-related shares were hit after a report on the first case of a domestically-acquired Omicron infection.

Airlines and railways lost 1.22% and 1.1%, respectively. Oriental Land, the operator of the Tokyo Disney Resort, lost 3.2%.

Mitsui & Co, up 1.58%, gained the most among the top 30 core Topix names, followed by Seven & i Holdings , rising 1.25%.

Hoya Corp down 3.90%, was the worst performer among the Topix top 30 stocks.

(Editing by Rashmi Aich)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.20% 0.7114 Delayed Quote.-2.40%
BRITISH POUND / US DOLLAR (GBP/USD) -0.06% 1.25329 Delayed Quote.-7.11%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.08% 0.78033 Delayed Quote.-1.14%
DAIKIN INDUSTRIES, LTD. 0.36% 19490 Delayed Quote.-24.19%
EURO / US DOLLAR (EUR/USD) -0.19% 1.07105 Delayed Quote.-6.03%
HOYA CORPORATION 3.22% 13785 Delayed Quote.-21.65%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.05% 0.012901 Delayed Quote.-3.95%
MATSUI SECURITIES CO LTD -0.12% 812 Delayed Quote.2.65%
MITSUI & CO., LTD. 1.82% 3183 Delayed Quote.14.74%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.88% 0.6503 Delayed Quote.-5.73%
NIKKEI 225 -0.94% 26748.14 Real-time Quote.-6.22%
ORIENTAL ENTERPRISE HOLDINGS LIMITED -1.54% 0.64 Delayed Quote.-2.99%
ORIENTAL LAND CO., LTD. 3.49% 19415 Delayed Quote.-3.51%
SEVEN & I HOLDINGS CO LTD 0.87% 5221 Delayed Quote.3.94%
SOFTBANK GROUP CORP. -1.16% 5137 Delayed Quote.-2.91%
TOKYO ELECTRON LTD 1.41% 59020 Delayed Quote.-11.44%
TOPIX INDEX 0.18% 1881.39 Delayed Quote.-4.91%
WALT DISNEY COMPANY (THE) -4.01% 101.59 Delayed Quote.-31.67%
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Financials
Sales 2022 8 536 B 67 465 M 67 465 M
Net income 2022 214 B 1 692 M 1 692 M
Net Debt 2022 1 245 B 9 838 M 9 838 M
P/E ratio 2022 21,4x
Yield 2022 1,96%
Capitalization 4 572 B 36 133 M 36 133 M
EV / Sales 2022 0,68x
EV / Sales 2023 0,56x
Nbr of Employees 58 975
Free-Float 83,9%
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Number of Analysts 13
Last Close Price 5 177,00 JPY
Average target price 6 292,31 JPY
Spread / Average Target 21,5%
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Managers and Directors
Ryuichi Isaka President & Representative Director
Yoshimichi Maruyama General Manager-Finance & Accounting
Toshiro Yonemura Independent Outside Director
Kunio Ito Independent Outside Director
Yoshio Tsukio Independent Outside Director
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