Nikkei closes lower as chip stocks drag, investors focus on earnings
Nikkei share average closed lower on Thursday, as chip stocks slid despite industry star TSMC reporting better-than-expected earnings, while investors waited for more earnings results from domestic and overseas firms for further direction.
The Nikkei fell 0.7% to a one-week closing low of 38,911.19, while the broader Topix finished 0.1% lower at 2,687.83.
Major technology stocks fell for a second session and dragged the Nikkei lower, after ASML's cut to annual sales forecast sparked concerns about demand, sending chip-related shares tumbling in the previous session.
Tech losses briefly narrowed after Taiwan Semiconductor Manufacturing Co, the dominant producer of advanced chips used in artificial intelligence applications, reported a forecast-beating 54% jump in its third-quarter profit.
Shares of chip-testing equipment maker Advantest recovered somewhat to end down 0.6%, while chip-making equipment giant Tokyo Electron declined 3.2% to become the biggest drag on the Nikkei. Silicon processor Shin-Etsu Chemical slid 1.4%.
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