Japan’s Nikkei closes lower on recession fears

Japan’s Nikkei gave up earlier gains to close lower on Wednesday as recession fears pushed US stock futures lower after big gains on Wall Street Tuesday night.

The Nikkei index fell 0.37 percent to 26,149.55 points, after rising 0.82 percent, to reach its highest level in a week at 26,462.83 points.

86 shares rose on the index, while 131 declined.

The broader Topix index also gave up its previous gains to close down 0.19 percent to record 1,852.65 points.

Most other Asian stocks fell.

The auto sector was among the gainers, with the yen falling to a 24-year low against the dollar.

Toyota Motor shares increased 0.82 percent, Nissan shares rose 2.24 percent, and Mitsubishi shares were the biggest gainer on the Nikkei index, which increased 7.11 percent.

Chip maker Tokyo Electron was the biggest loser, down 3.85 percent.