Nikkei records worst weekly performance since December 2022 as tech shares retreat

Japan’s Nikkei index fell about 2% to its lowest levels in three weeks on Friday, recording the worst weekly performance since December 2022, with technology stocks falling, tracking Wall Street.

According to Reuters, the Nikkei index fell 1.96%, or 781 points, to 38,992.08 points, bringing its loss for this week to 3.41%. This is the second consecutive weekly loss for the index, as it declined from its all-time high of 41,087.75 points, which it reached on March 22.

Chip sector shares were among the biggest factors that had a negative impact on Friday, as Tokyo Electron shares fell 5.6%, causing the index to lose 217 points. Advantest shares erased another 81 points, falling 4.85%.

Among the losers were the shares of SoftBank Group for investing in emerging technology companies, which fell by 2.77%, and the shares of Fast Retailing, which operates the Uniqlo supermarket chain, which fell by 2.26%.