Japanese shares plunge

TOKYO: Japanese shares closed lower on Wednesday, tracking cues from Wall Street’s weak overnight finish, while domestic cyclicals lost ground as concerns over the country’s pandemic-induced economic slump weighed on investor sentiment.

The Nikkei share average dropped 1.28% to close at 28,044.45, while the broader Topix lost 0.66% to 1,895.24.

Cyclical shares took a hit, with machinery and paper sectors losing the most among the 33 sector sub-indexes on the main bourse.

Air-conditioner maker Daikin Industries fell 3.67%, construction equipment maker Komatsu lost 3.91%, while farm equipment maker Kubota slipped 3.68%.

Toyota Motor, which touched a record high in the previous session, fell 1.36% after the automaker said it would halt its production operations next month in northern Japan due to chip shortage.