The stock market in Japan ended lower on Tuesday. Investors slowed down after the sharp price increases a day earlier.
The Japanese technology companies, in particular, were sold in the wake of the significant loss of the American technology indicator Nasdaq. The other exchanges in the Asian region also took a step back, despite an extraordinary growth in Chinese exports.
The Nikkei in Tokyo closed 0.9 percent in the minus at 22,587.01 points. The Japanese government, based on final figures, reported that the country’s industrial production shrank by 8.9 percent in May due to the corona crisis. The industry shrank even faster than the 8.4 percent previously reported.
Japanese chip companies Advantest and Tokyo Electron were among the biggest fallers with exchange rate losses of up to 2.4 percent. Technology group Sony fell 2 percent after the stock reached its highest level since 2001 a day earlier.
Heavyweight SoftBank lost 1.4 percent. According to business newspaper The Wall Street Journal, the telecom group and tech investor plans to sell all or part of its stake in British chip developer Arm Holdings.
The main index in Shanghai was 2.1 percent lower in the meantime. Figures from the Chinese customs authorities showed that China’s exports increased in June. Imports also increased on an annual basis. Economists expected a decline in both imports and exports.
In Hong Kong, where new restrictions will be introduced from Wednesday to halt the spread of the coronavirus, the Hang Seng index fell 1.6 percent. The Kospi in Seoul lost 0.5 percent, and the All Ordinaries in Sydney fell 0.6 percent.