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

Japan’s Nikkei closed at its lowest level in two weeks on Wednesday, tracking Wall Street’s drop overnight, on fears of a global economic slowdown and the impact of the COVID-19 shutdown in China on domestic corporate results.

The Nikkei index fell by 1.17 percent to close at 26,386.63 points, its lowest level since April 12. The broader Topix index lost 0.94 percent to close at 1860.76 points.

Wall Street fell overnight, with the Nasdaq closing at its lowest level since December 2020, as investors worried about slowing global growth and the Federal Reserve’s moves on monetary policy.

Investors are concerned about China’s economic growth as Beijing races to stamp out an emerging COVID-19 outbreak in the capital and avoid the same month-long shutdown in Shanghai.

Fanuc fell 5.72 percent and was the biggest loser on the Nikkei after the robot maker’s annual operating profit missed expectations.

Kikkoman shares fell 12.63 percent after a report that the soy sauce maker did not disclose expectations due to the increase in costs.

And Tokyo Electron, the chip maker, lost 1.49 percent.