Japan's Nikkei Stock Average Reverses Early Gains as Fast Retailing Tanks
The Nikkei was down 0.1% to 39,595.96 as of 0158 GMT, after rising as much as 0.8% earlier in the session. The index is on track to lose 0.5% for the week.
The broader Topix .TOPX was up 0.73% at 2,832.86.
Fast Retailing9983.T tanked 6.7% after the company said on Thursday higher U.S. tariffs would start impacting its U.S. operation significantly from later this year and it planned to raise prices to mitigate the blow.
'Investors were worried about Fast Retailing's outlook for the next fiscal year. Still, gains of technology stocks supported the index,' said Kentaro Hayashi, senior strategist at Daiwa Securities.
The market also sold stocks as soon as the Nikkei approached the psychologically important level of 40,000, strategists said.
Chip-testing equipment maker Advantest 6857.T rose 0.9% to track a 0.75% gain in the Philadelphia SE Semiconductor Index .SOX overnight.
Air-conditioning maker Daikin Industries 6367.T climbed 2,87%.
Silicon wafer maker Sumco 3436.T jumped 3.95% to become the best percentage gainer on the Nikkei.
Bank shares advanced, aiding gains in the Topix, with Mitsubishi UFJ Financial Group 8306.T and Sumitomo Mitsui Financial Group 8316.T rising 2.66% each.
Toyota Motor 7203.T added 1.66%.
Seven & I Holdings3382.T rose 3.63% after the convenience store operator posted a 9.7% rise in quarterly operating profit, beating analysts' estimates.
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