Nikkei falls and closes at its lowest level in two weeks

Japan’s Nikkei index hit its lowest closing level in two weeks on Wednesday, tracking Wall Street’s decline overnight after weak data. Still, gains in energy shares thanks to higher oil prices limited the losses.

The Nikkei index fell 0.49 percent to 28,313.47 points, its lowest closing level since August 10, incurring losses for the fifth consecutive day.

The broader Topix index fell 0.2 percent to 1967.18 points, also its lowest level in two weeks.

The Standard & Poor’s 500 index hit its lowest closing level in two weeks on Tuesday night after weak business data fueled recession fears, amid hawkish comments from Federal Reserve officials ahead of the Jackson Hole seminar, with expectations that its Chairman Jerome Powell will emphasize fighting inflation on Friday.

The technology sector was the worst performer, followed by the healthcare and consumer goods sectors.

Shares of Konami video games recorded the biggest losses on the index, as they fell 2.82%, while Nintendo shares fell 2.61 percent and Sony shares fell 1.39 percent.

Among other heavyweights, chipmaker Tokyo Electron fell 2.18 percent, and Uniqlo supermarket operator Fast Retailing fell 0.93 percent.

The utility sector was the best performer on the Nikkei. At the same time, energy stocks received a boost from higher oil prices on Tuesday night after Saudi Arabia floated the idea of ​​OPEC+ production cuts.

Tokyo Electric was the biggest gainer on the index, jumping 9.96 percent after a media report said the government was preparing to restart some nuclear reactors.

Shares of Hino Motors, Toyota’s truck maker, rose 5.6% after falling to a more than two-year low on Tuesday amid an emissions scandal.