TOKYO: Tracking another Wall Street rout on fears over rising US interest rates, Tokyo shares closed lower on Tuesday, while investors eyed China's slowing economy.
The benchmark Nikkei 225 index dipped 0.58%, or 152.24 points, to end at 26,167.10, while the broader Topix index fell 0.85%, or 16.01 points, to 1,862.38.
On Wall Street, the Nasdaq tumbled more than 4% as US equities endured another battering over inflation worries, rising interest rates and a slowing economy.
"The Nikkei index opened lower after the three major US indices all hit new lows for the year," Okasan Online Securities said.
"A wide variety of shares, mainly growth stocks, were sold... but losses were trimmed due to bargain hunting."
Mizuho Securities said investors were cautious against accelerating monetary tightening in the US and an economic slowdown in China.
The dollar fetched 130.39 yen against 130.26 yen in New York late Monday.
In Tokyo trading, automakers were lower with Toyota dropping 2.96% to 2,178.5 yen, Honda falling 1.32% to 3,349 yen and Nissan losing 2.36% to 507.1 yen.
Sony Group tumbled 3.13% to 10,500 yen. After the closing bell, the company reported record sales of 9.9 trillion yen ($76 billion) for the financial year to March, while net profit dipped to 882 billion yen from the previous year's record high.
Nintendo, which will release financial results later in the day, added 0.24% to 56,360 yen.
Other gaming shares fell, with Bandai Namco dropping 3.45% to 8,239 yen and Konami slipping 0.52% to 7,570 yen.
Rupee recovers from its all-time low 269.63 after an appreciation of nearly Rs2 in interbank market
Bangladesh plans to use IMF loan to prop up its foreign exchange reserves, which have nosedived from $46bn to $34bn
Fitch Solutions refrains from issuing new forecast until ‘dust settles’; warns of broader economic implication
Ishaq Dar briefs IMF mission on fiscal and economic reforms; Fund agrees on relief for poor through Benazir Income...
Price of 24-carat gold increases Rs1,500 per tola to Rs210,500 per tola
Rupee closes at an all-time low of 269.63 against dollar in interbank market after losing Rs7