Nikkei Closes Lower But Achieves First Weekly Gain in 3 Weeks

Japanese shares fell on Friday due to a decline in technology shares and caution ahead of US inflation data. Still, they posted their first weekly gains in three weeks as concerns eased about the impact of the new Omicron strain of the Coronavirus on the pace of economic recovery.

The Nikkei closed down one percent, recording 28,437.77 points, but rose 1.46 percent during the week in its first gain in three weeks.

The broader Topix index fell 0.77 percent to 1975.48 but rose 0.9 percent during the week.

Wall Street closed lower overnight as investors took some profits after three consecutive days of gains.

Chip-related stocks fell, with Advantest and Tokyo Electron down 1.75 percent and 1.26 percent, respectively.

Medical equipment maker Terumo fell 2.28 percent, and toys maker Bandai Namco Holdings lost 2.93 percent.

On the other hand, Hitachi shares rose 2.17 percent amid a report that the group is considering selling its stake in Hitachi Transportation. And Hitachi Transportation rose 7.69 percent.