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Japanese stocks fell on Friday, tracking Wall Street’s overnight declines, after higher-than-expected US inflation data raised the possibility that the Federal Reserve would be forced to keep interest rates high for a longer period.
However, the Japanese Nikkei index’s losses were limited due to a 5.75 percent jump in the index’s heavyweight Fast Retailing, the company that owns the Uniqlo brand, after a strong earnings report.
The Nikkei index closed on Friday down 0.55 percent at 32,315.99, ending a three-day winning streak.
The broader Topix index fell 1.44 percent.
Even with today’s heavy selling, the Nikkei is still up 4.26 percent over the week after a string of losses over the previous three weeks.
Among the 33 industrial groups on the Tokyo Stock Exchange, only the mining sector, which includes energy companies, escaped losses, while the textiles sector led declines by 2.33 percent.
The retail sector fell 1.4 percent despite the jump in Fast Retailing shares.
Sumitomo Pharma shares were the biggest losers, falling 6.33 percent.
Automaker Nissan shares fell 2.71 percent, while Toyota shares fell 1.92 percent.
Nintendo and Sony Group shares also fell by 2.43 percent and 1.95 percent, respectively.
