Japan's Nikkei Falls to 2-week Low, Tracking Wall Street's Decline
Yomiuri Shimbun file photo
Tokyo Stock Exchange
TOKYO, May 22 (Reuters) – Japan's Nikkei share average fell to a two-week low on Thursday, tracking the sharp declines on Wall Street, while a spike in U.S. Treasury yields and a stronger yen weighed on sentiment.
By 0019 GMT, the Nikkei was down 0.8% at 37,007.79, after dropping to 36,873.61, the lowest since May 8.
The broader Topix .TOPX slipped 0.45% to 2,720.78.
Overnight, U.S. stocks closed sharply lower as Treasury yields spiked on worries that U.S. government debt would swell by trillions of dollars if Congress passes President Donald Trump's proposed tax-cut bill.
Longer-dated U.S. Treasury yields rose on Wednesday after the Treasury Department's $16 billion sale of 20-year bonds saw soft investor demand.
The yen JPY=EBS strengthened against the dollar overnight, and was last up 0.2% at 143.43.
In Japan, chip-related Tokyo Electron and Advantest fell 2.9% and 2.5%, respectively.
Uniqlo-brand owner Fast Retailing lost 1.12%.
Railway operator Keisei Electric Railway 9009.T shed 8.5% to become the biggest percentage gainer on the Nikkei.
Bucking the trend, drug maker Daiichi Sankyo rose 2.9% and the Topix's drug sector added 1.19% to be the top-performing sector among the Tokyo Stock Exchange's 33 industry sub-indexes.
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