Japan's Nikkei hits 1-month low as U.S. futures slump

  • Reuters
  • Stock Market News
Japan's Nikkei hits 1-month low as U.S. futures slump
Credit: © Reuters.

TOKYO, March 4 (Reuters) - Japan's Nikkei index on Thursday dropped to its lowest in one month, as investors sold off heavyweights including SoftBank Group and Fast Retailing, tracking a slump in U.S. futures during the Asian trade.

The Nikkei share average .N225 closed 2.13% weaker at 28,930.11, the lowest since Feb. 5, while the broader Topix .TOPX lost 1.04% to 1,884.74.

"There are uncertainties in the move of U.S. bond yields, which has made the market outlook unclear," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.

Resurgent worries about rising U.S. bond yields also hit global shares as investors maintained a cautious stance and awaited to see if Federal Reserve Chair Jerome Powell will address concerns about the risk of a rapid rise in long-term borrowing costs. MKTS/GLOB

E-mini S&P futures EScv1 slipped 0.45% while the futures for the Nasdaq , the unequivocal leader of the post-pandemic rally, fell 0.74% NQcv1 to a two-month low.

In Japan, Fast Retailing 9983.T , the Uniqlo brand clothing store operator, fell 5.45%, dragging the index the most, while SoftBank Group 9984.T dropped 5.19% and Tokyo Electron 8035.T lost 2.43%.

SoftBank Group's fall came in the wake of news that British supply chain finance firm Greensill Capital, which is backed by the Japanese conglomerate, was in talks to sell large parts of its business. Zosen 7004.T surged 19.48% after local media reported that the energy and infrastructure company had developed a high-performance solid-state battery.

Ricoh 7752.T jumped 15.51% after being untraded with a glut of bids following the announcement that the office equipment maker's plan to buy back about 100 billion yen ($934.40 million) worth of its own shares. firms advanced, with Kawasaki Kisen 9107.T rising 5.99%, Mitsui OSK Lines 9104.T adding 3.55% and Nippon Yusen 9101.T climbing 2.76%.

($1 = 107.0200 yen)

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