Japanese shares fall, down 2%, affected by recession fears

Japanese stocks fell at the close on Friday and recorded a weekly decline, as fears of a global economic slowdown continued in light of raising interest rates, which led to the decline of Wall Street during Thursday night.

The Nikkei index fell 1.11 percent to close at 2,7567.65 points, after falling to its lowest level since Sept. 7 earlier in the session. The index is down 2.29 percent this week.

The broader Topix index fell 0.61 percent.

Technology stocks recorded a weak performance, with the sector index down 1.11 percent, and the Tokyo Electron, the electronic chip maker, fell 4.33 percent, and was the most influential in the Nikkei’s decline.

Shares of Fast Retailing, owner of supermarket chain Uniqlo, fell 1.31 percent.

The utilities sector was the best performer and rose 1.22 percent, supported by gains in shares of companies including Kansai Electric Power, Tokyo Gas and Osaka Gas.

The financial sector also rose 0.65 percent, with the shares of Resona Holdings, Shizuoka Bank and Fukuoka Financial Group the best performers on the index.

Shares of Hino Motors, owned by Toyota, rose 0.93 percent, but later gave up some gains and closed 0.16 percent higher.