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Tokyo shares sink on tech stock falls

TOKYO, Oct. 19 (Xinhua) — Tokyo shares fell sharply on Thursday, led by the promoting of high-tech progress shares on issues over larger borrowing prices amid rising Japanese and U.S. long-term bond yields.

Japan’s benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended down 611.63 factors, or 1.91 %, from Wednesday at 31,430.62.

The broader Topix index, in the meantime, completed 31.18 factors, or 1.36 %, decrease at 2,264.16.

Market watchers right here stated Tokyo shares fell all through the day, with the Nikkei briefly dropping 2 % within the afternoon, as buyers offloaded know-how points, similar to semiconductor and electronics points, amid rising long-term yields in Japan and the United States.

For a lot of high-tech firms going through losses, rising rates of interest will enhance their prices for funding procurement, adversely affecting their performances, analysts stated.

On the top-tier Prime Market, decliners have been led by precision instrument, pharmaceutical and equipment points.

Screen Holdings dived 453 yen, or 5.9 %, to 7,290 yen, and Tokyo Electron was down 995 yen, or 4.7 %, to twenty,180 yen.