Japanese stocks close at their lowest level in nearly two months

Japan’s Nikkei fell to its lowest level in nearly two months on Thursday, after major technology stocks followed in the footsteps of their US counterparts, which fell sharply overnight.

The Nikkei fell 1.77 percent to close at 25,748.72 points, its lowest since March 15.

The broader Topix index fell 1.19 percent to 1,829.18 points.

US stocks closed significantly lower, with the Nasdaq index down nearly 3 percent and the Dow Jones down for a fifth day in a row after inflation data did little to ease investor concerns about the outlook for interest rates and the economy.

SoftBank Group’s share fell 8.03 percent, leading the entire telecom sector, down by 4.06 percent, to become the worst-performing sector.

Shares of KDDI and SoftBank Corp fell 3.01 percent and 5.95 percent, respectively.

Shares of Tokyo Electron chips fell 1.6 percent and rival Advantest 1.6 percent.

Toyota Motor shares fell 1.54 percent after it warned of a decline in its annual profit.

The prices of 88 stocks rose on the Nikkei index against a decline of 135 stocks.