Yahoo Finance Tokyo shares close 1.11% lower
Tokyo shares closed 1.11 percent lower Tuesday as investors stayed cautious after data showed a slump in Chinese imports, reigniting worries about the pace of growth in Asia's largest economy.
The benchmark Nikkei 225 index at the Tokyo Stock Exchange closed 203.93 points lower at 18,234.74, as trading resumed following a long national holiday weekend.
The broader Topix index of all first-section shares dropped 0.79 percent, or 12.00 points, to 1,503.13.
The weak trade data from China added to a sell-off of petroleum-linked shares, which slumped in US trade as concerns resurfaced about a glut of world supplies, and energy-related shares continued their losing streak in Tokyo.
"Shares rose quite a bit last week, so investors are taking profits now," Soichiro Monji, chief strategist at Daiwa SB Investments in Tokyo, told Bloomberg News.
"Fundamentals are also affecting shares, with oil-related stocks dropping because of lower crude prices."
Chinese imports slumped by nearly 18 percent year-on-year in September, Customs said Tuesday.
Exports also slipped 1.1 percent, underlining a falling demand in some key markets for its manufactured goods and boosting concerns over a slower pace of economic growth.
China is the top global trader in goods and its manufactured items sell worldwide, so any drop off in its imports and exports is seen not only as a barometer of its own growth but also the state of the global economy.
Inpex dipped 3.42 percent to 1,228 yen, Japan Petroleum Exploration fell 3.18 percent to 3,650 yen, and JX Holdings lost 1.25 percent to 487.1 yen.
Toyota dropped 2.45 percent to 7,316 yen and market heavyweight Fast Retailing, operator of the Uniqlo clothing chain, lost 3.73 percent to 42,260 yen, extending Friday's 9.8 percent drop on a lower than estimated profit forecast.
Sharp jumped 6.47 percent to 148 yen after Japanese media reported over the weekend the Osaka-based electronics maker may get an investment of about 200 billion yen ($1.66 billion) from a state-backed investment fund.
On currency markets, the dollar was at 119.83 yen against 120.02 yen late afternoon on Monday in New York.
The euro rose to $1.1382 after trading flat at $1.1363 during early exchanges, and flat at 136.38 yen.
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