Nintendo was among the biggest decliners on the Tokyo stock exchange on Wednesday. The Japanese game console manufacturer raised its profit forecast for the entire fiscal year but expected to sell fewer Switch game consoles.
This is partly due to production problems with the popular console due to shortages of parts such as chips. The stock lost more than 7 percent.
The Nikkei in Tokyo closed 0.6 percent lower, partly due to the loss of Nintendo. On the other hand, Japanese car and motorcycle manufacturer Suzuki increased 3.5 percent after well-received quarterly figures. Competitors Nissan and Honda, who came with results after the closing bell, fell 0.9 percent. Tech investor SoftBank and chip tester Advantest gained 1 and 2.2 percent, following the price gains in the American tech sector.
The Chinese stock markets lost ground after disappointing inflation figures from the country. Prices that manufacturers charge for their products fell by 1.3 percent in October. It was the first decrease since December 2020. Because the demand for Chinese goods is under pressure due to the deteriorating economic outlook worldwide and the strict corona measures in China, producers can charge less high prices. Weak demand is also keeping consumer prices in the country low. As a result, inflation fell to 2.1 percent last month from 2.8 percent in September.
The main index in Shanghai lost 0.5 percent, and the Hang Seng index in Hong Kong fell 1.5 percent. However, Chinese real estate companies did show solid price gains after the announcement that a support program for ailing project developers would be expanded. Real estate companies such as Country Garden and Logan Group rose to 21 percent in Hong Kong. The Kospi in Seoul and the All Ordinaries in Sydney rose from the higher closing positions on Wall Street and rose 0.9 and 0.6 percent, respectively.
English