TOKYO (dpa-AFX) - The Japanese stock market is notably lower on Friday following the negative cues overnight from Wall Street on disappointing economic data, while weak earnings results from Amazon further dampened sentiment.
The benchmark Nikkei 225 Index is losing 372.52 points or 1.84 percent to 19,821.17, after falling to a low of 19,815.95 earlier.
Market heavyweight SoftBank Group is declining almost 1 percent and Fast Retailing is lower by more than 2 percent.
The major exporters are lower despite a weaker yen. Panasonic is losing more than 3 percent and Mitsubishi Electric is lower by almost 3 percent, while Sony and Canon are declining almost 2 percent each.
In the tech space, Tokyo Electron is falling more than 4 percent and Advantest is losing more than 3 percent. Among automakers, Honda is lower by almost 4 percent and Toyota is down almost 2 percent.
In the oil sector, Inpex is declining more than 1 percent, while Japan Petroleum is advancing more than 1 percent after crude oil prices gained sharply overnight.
Among the other major gainers, Z Holdings is rising more than 3 percent and Tokyo Gas is higher by almost 2 percent.
On the flip side, Keisei Electric Railway is tumbling more than 7 percent, while Mitsui OSK Lines, JTEKT Corp. and Alps Alpine are losing almost 7 percent each. West Japan Railway and Tokio Marine Holdings are lower by almost 6 percent each.
In economic news, members of the Bank of Japan's monetary policy board acknowledged that the global Covid-19 pandemic was causing considerable damage to economies around the world, minutes from the central bank's emergency meeting on March 16 has revealed - and that immediate action was needed to provide relief.
Japanese exports have taken a major hit from the virus, which has caused a sharp drop in overseas demand, the minutes showed.
Consumer prices in the Tokyo region were up 0.2 percent on year in April, the Ministry of Communications and Internal Affairs said. That was shy of expectations for an increase of 0.3 percent and down from 0.4 percent in March.
Core CPI, which excludes volatile food prices, sank 0.1 percent on year - also missing expectations for an increase of 0.1 percent and down from 0.4 percent in the previous month.
In the currency market, the U.S. dollar is trading in the lower 107 yen-range on Friday.
On Wall Street, stocks closed notably lower on Thursday following the release of some disappointing U.S. economic data. Personal income in the U.S. tumbled by more than expected in the month of March, according to a report released by the Commerce Department. A separate report released by the Labor Department showed a notable decrease in first-time claims for U.S. unemployment benefits in the week ended April 25th, although claims remain at a significantly elevated level.
The Dow tumbled 288.14 points or 1.2 percent to 24,345.72, the Nasdaq fell 25.16 points or 0.3 percent to 8,889.55 and the S&P 500 slumped 27.08 points or 0.9 percent to 2,912.43.
The major European markets also moved sharply lower on Thursday. The U.K.'s FTSE 100 Index plummeted by 3.5 percent, while the German DAX Index and the French CAC 40 Index tumbled by 2.2 percent and 2.1 percent, respectively.
Crude oil prices rose sharply on Thursday, gaining for a second straight session, reacting to reports that some major producers in the U.S. have reduced output. WTI crude for June gained $3.78, or a little over 25 percent, at $18.84 a barrel.
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