Apple Suppliers Drop, Outweighing Insurer Rally in Tokyo Stocks
- Gauge of electronics makers weighs most on Topix index
- Insurers’ gauge lead gains after U.S. yields rise, UBS upgrade
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The rout in U.S. technology stocks Friday spilled over to Japan, with a host of electronics companies and Apple Inc. suppliers weighing on the broader market Monday. Financial shares outperformed on higher U.S. Treasury yields, leaving the Topix index little changed.
The Topix swung between a loss of 0.3 percent and a gain of 0.3 percent as Murata Manufacturing Co. and Sony Corp. paced a 1 percent drop in a gauge of electronics makers, while insurers rallied. The Nikkei 225 Stock Average slid 0.5 percent with technology stocks accounting for eight of the 10 worst performers. Declines in Fast Retailing Co. and SoftBank Group Corp. accounted for over 70 points of the stock average’s 105-point drop.