On Friday, Japan’s Nikkei stock index dropped for the third day in a row. The big reason? Uniqlo, a popular clothing store run by Fast Retailing, reported earnings that didn’t meet expectations, causing its stock to fall by over 6%.
Investors were feeling cautious since a major U.S. jobs report was about to be released, which could influence decisions on interest rates by the U.S. Federal Reserve. Wall Street was closed that day to honor former President Jimmy Carter.
The Nikkei index ended the day down 1.05% at 39,190.40, making its total drop over three days 2.23%. For the whole week, it fell by 1.77%. Out of the 225 companies listed in the Nikkei, 183 saw their stock prices decline, while only 41 went up, and one stayed the same. The broader Topix index also went down by 0.8%.
On a positive note, shares in Seven & i Holdings—known for its 7-Eleven stores—rose by 4.86% after a report that Apollo Global Management might invest close to $9.47 billion in a management buyout. Nvidia’s supplier, Advantest, also saw gains, climbing by 5.12%.
Despite the recent falls, some experts believe the Nikkei will remain strong. Norihiro Yamaguchi, a senior economist, mentioned that a weaker yen is good for Japan’s big exporters because it makes their overseas earnings worth more. Right now, the yen is steady at about 158.39 per U.S. dollar, close to its weakest point since July.
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