TOKYO: Tokyo stocks dropped on Tuesday following falls on Wall Street, even as automaker Toyota soared on record earnings.
The benchmark Nikkei 225 index lost 0.53 percent, or 193.50 points, to 36,160.66, while the broader Topix index slipped 0.68 percent or 17.46 points to 2,539.25.
Tokyo shares followed falls of US stocks, with investors now thinking the Federal Reserve may not cut rates as swiftly as previously hoped.
“Worries about short-term overheating seemed to have also weighed on the market,” IwaiCosmo Securities said.
“But strong Asian shares provided support while strong earnings from Toyota encouraged investors,” it added. The dollar stood at 148.41 yen, nearly flat from 148.68 yen in New York.
Toyota drifted through early afternoon trading, but it roared after the automaker announced its record earnings and upgraded its annual forecasts for the year to March.
Toyota advanced 4.78 percent to end at 3,135 yen.
Semiconductor shares also rose. Tokyo Electron gained 1.51 percent to 28,630 yen. Advantest added 2.95 percent to 6,167 yen.
Sony Group fell 1.52 percent to 14,255 yen. Uniqlo operator Fast Retailing fell 0.69 percent to 38,830 yen.
Nintendo fell 0.46 percent to 8,376 yen, although the firm announced after trading closed that it had upgraded its annual net profit forecast to 440 billion yen ($2.96 billion).
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