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Nikkei 225 Down 1.8% in Global Equities Slump, Auto Stocks Decline

MT Newswires ·  09/30 17:56

05:55 AM EDT, 09/30/2022 (MT Newswires) -- The Nikkei 225 opened lower Friday on Wall Street cues and declined to the close, finishing off 1.8% as traders backed away from auto and tech issues. Investors shrugged off relatively strong reports on August national retail sales and industrial production.

The benchmark Nikkei 225 fell 484.84 to 25,937.21, as losing issues outnumbered gainers 190 to 35.

Leading the thin upside were textiles-houses Unitika (3103:Tokyo), up 2.4%, followed by Oki Electric Industry (OKIEY, 6703:Tokyo) and then food company Nisshin Seifun (NSFMF, 2002:Tokyo), both up 1.8%.

On the downside were Mazda Motors (MAZDY, 7261:Tokyo), off 8.2%, and then Mitsubishi Motors (MMTOF, 7211:Tokyo), off 8%.

The Nikkei 225 is off 9.9% year-to-date.

In economic news, Japan's unemployment rate inched lower, down 0.1% to 2.5% in August from July, according to the Statistics Bureau on Friday. August equaled April for the lowest unemployment rate in the post-pandemic era, according to government figures.

Additionally, there were a seasonally adjusted 132 job openings in August for every job seeker, compared with 129 openings per 100 job hunters in July, reported the Ministry of Labor, Health and Welfare.

Japan's industrial production index also rose a seasonally adjusted 2.7% in August from July, and was up 5.1% from a year earlier, reported the Ministry of Economy, Trade and Industry, or METI.

And, retail sales in Japan in August were up a seasonally adjusted 1.4% from July and were up 4.1% on year, reported METI.

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