Japan’s Nikkei closes at its lowest level in two weeks

Japan’s Nikkei fell for a third consecutive session on Friday to close at its lowest level in nearly two weeks, tracking Wall Street’s losses overnight, as investors worried about the economic slowdown in the world’s largest economy.

The Nikkei fell 1.73% to 25,935.62 points, its lowest closing level since June 20, after rising 0.5% earlier in the day. Over the course of the week, the index fell 2.1%.

The broader Topix index fell 1.38% to 1845.04 points, recording a weekly loss of 1.1%.

Wall Street ended lower overnight, with the benchmark S&P 500 index posting the biggest percentage decline in the first six months of the year since 1970, amid concerns about the war between Ukraine and Russia, spiraling inflation, rising interest rates and a possible recession in the United States.

In Japan, prominent companies fell, as the shares of Fast Retailing Group, which owns Uniqlo, fell by 4%, the largest loss on the Nikkei.

And Tokyo Electron, the chip maker, fell 3.7%.

Travel-related stocks underperformed, with the airline and railway sectors losing 3.05% and 1.03%, respectively, amid a recent increase in the number of COVID-19 cases.

The real estate sector fell 0.82%.