Japan’s Nikkei index closed at its lowest level in two weeks

Japan’s Nikkei index closed at a two-week low on Thursday, driven by selling in exporters’ stocks after the yen rose overnight, while heavyweight technology stocks followed the Nasdaq’s decline.

The Nikkei index fell 1.22 percent to close at 27,472.63 points, the lowest level since March 24. The broader Topix index lost 1.14 percent, recording 1961.28 points.

The Standard & Poor’s 500 index and the Nasdaq index ended the session sharply lower on Wednesday night after a growing wave of weak economic data exacerbated fears that the Federal Reserve’s rapid interest rate hike would push the US economy into recession.

And the dollar settled Wednesday night near its lowest level in two months after weak data supported the view that the Federal Reserve will not need to raise interest rates much more, which led to the rise of the yen.

The strong yen is a blow to shares of exporting companies because it puts pressure on the value of profits abroad in yen when companies send them back to Japan.

Chipmaking equipment Tokyo Electron fell 4.53 percent.

Mazda Motor fell 4.96 percent, becoming the worst performer on the Nikkei.

Sony Group, a maker of gaming and audio equipment, fell 2.16 percent.