Japan: Japan's Nikkei share average experienced a decline of more than 2% today, undoing the gains it had made earlier in the session. The Nikkei closed at 52,463.27, marking a 2.38% drop, after initially rising as much as 0.97%. The broader Topix index also reversed its early gains, ending 1.61% lower at 3,611.67.
According to Oman News Agency, the Nikkei had risen to a 25-day average of approximately 54,258 earlier in the session, which was interpreted as a potential indication that the index had reached its lowest point. However, the reversal saw significant declines in key sectors. Notably, chip-making equipment manufacturer Tokyo Electron saw a decrease of 3.21%, contributing significantly to the Nikkei's downturn, while chip-testing equipment maker Advantest experienced a steeper fall of 6.11%.
The decline was widespread across the Tokyo Stock Exchange, with all but three of its 33 industry sub-indices falling. Despite the overall downtrend, the shipping sector bucked the trend, rising by 1.9%. Additionally, heavy machinery maker Mitsubishi Heavy Industries ended the session with a rise of 2.64%, offering a rare positive note in an otherwise challenging trading day.