Nikkei declines, affected by Wall Street and corporate profits, but maintains its weekly gains

Japan’s Nikkei fell on Friday, as weak Wall Street and some weak results from local companies weighed on sentiment, although the benchmark index maintained its first weekly gain in three weeks.

The Nikkei fell 0.88 percent to 27,105.30 points, but remained significantly higher than the important 27,000 points barrier. The index briefly fell below that level in the morning for the first time since Monday.

The broader Topix index fell 0.34 percent to 1,899.05 points.

Over the course of the week, the Nikkei rose 0.8%, while the Topix rose 0.91%, as both achieved weekly gains for the first time since the week ending October 7.

US tech earnings continued their disappointing trajectory overnight, sending the Nasdaq down 1.6 percent.

Japan’s corporate earnings season has accelerated since Thursday and will reach its peak next week.

Robot maker Fanuc was the worst performer over the Nikkei, falling 5.47 percent after cutting the company’s earnings forecast.

Chip maker Advantest jumped 2.39 percent after it announced its results, making it among the top three performing stocks on the Nikkei.

Toyota-owned truck maker Hino Motors rose 5.04 percent, while Fujitsu, the office electronics maker, rose 3.14 percent, after also reporting strong earnings.

Of the 225 stocks on the Nikkei, 61 rose, 159 fell, and five settled.