Japan's Nikkei falls on geopolitical worries as Israel attacks Iran
ADVERTISEMENT The Nikkei fell 0.89% to close at 37,834.25, mirroring moves in U.S. stock futures, but posted a 1.14% gain for the week.
The broader Topix fell 0.95% to 2,756.47 and gained 0.5% for the week.
"The market was selling stocks on caution for geopolitical risks, but the news was not driving a fire sale because investors still wanted to monitor the development of the attacks," said Naoki Fujiwara, a senior fund manager at Shinkin Asset Management. Israel launched strikes against Iran on Friday, saying it targeted nuclear facilities, ballistic missile factories and military commanders, and that this was the start of a prolonged operation to prevent Tehran from building an atomic weapon. Chip-making equipment maker Tokyo Electron fell 4.8%, dragging the Nikkei the most. Uniqlo-brand owner Fast Retailing lost 1.61%.
ADVERTISEMENT Exporters fell as the yen strengthened, with Toyota Motor and Nissan Motor falling 2.35% and 1.26%, respectively. Energy sectors rose as oil prices jumped. Oil explorers jumped 2.77% to become the top performer among the Tokyo Stock Exchange's 33 industry sub-indexes.
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Oil refiners gained 1.61% and the utility sector gained 1.17%.
Defense-related shares also rose, with Mitsubishi Heavy Industries and IHI rising 2%, respectively.
ADVERTISEMENT Of more than 1,600 stocks trading on the TSE's prime market, 17% rose and 79% fell, with 2% trading flat.
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