TOKYO, April 16 (Reuters) - Japan's Nikkei share average
fell more than 2% to a one-month low on Tuesday as technology
stocks tracked the overnight declines on Wall Street.
The Nikkei was down 2.11% to 38,405.58, its lowest
since March 14, by the midday break. The broader Topix
had fallen 1.82% to 2,703.20.
"Japanese stocks tracked overnight U.S. equities lower,"
said Shuutarou Yasuda, a market analyst at Tokai Tokyo
Intelligence Laboratory.
U.S. stocks closed sharply lower due to a jump in Treasury
yields and concerns about rising geopolitical tensions between
Iran and Israel.
"The yen's weakness did not help lift appetite for local
stocks because the yen kept its momentum against other
currencies. It is just that the dollar was strong against other
currencies," Yasuda said.
The dollar stood just off its highest since early November
on Tuesday, with the yen languishing at its lowest level since
1990 following hotter-than-expected U.S. retail sales.
In Japan, chip-making equipment maker Tokyo Electron ( TOELF )
slid 4.15% to become the biggest drag on the Nikkei,
while chip-testing equipment maker Advantest ( ADTTF ) lost
4.08%.
Uniqlo-brand owner Fast Retailing ( FRCOF ) fell 2.45%.
J.Front Retailing ( JFROF ) lost 6.52% after the department
store operator cut its annual profit forecast. Its peer Isetan
Mitsukoshi Holdings ( IMHDF ) lost 7.53% to become the biggest
percentage loser on the Nikkei.
Bucking the trend, Toho surged 6.92% after the
cinema operator posted a 35.5% rise in its annual net profit and
announced a share buyback program.
Nidec ( NNDNF ) jumped 6.17% after the motor maker announced
a tenfold production capacity expansion in Thailand to make
water-cooling modules for AI servers.
Of the 225 components on the Nikkei, 21 stocks rose and 204
fell.