TOKYO (dpa-AFX) - The Japanese stock market is sharply lower on Monday, reversing some of the gains in the previous session, following the broadly negative cues from Wall Street on Friday. The Nikkei 225 is falling below the 64,450 level, with weakness across most sectors led by index heavyweights and technology stocks.
The benchmark Nikkei 225 Index is down 900.46 points or 1.38 percent at 64,423.83, after hitting a low of 63,831.78 earlier. Japanese shares ended sharply higher on Friday.
Market heavyweight SoftBank Group is slipping more than 4 percent and Uniqlo operator Fast Retailing is losing more than 1 percent. Among automakers, Honda is edging up 0.1 percent, while Toyota is losing almost 1 percent.
In the tech space, Advantest is declining almost 3 percent, Tokyo Electron is losing more than 2 percent and Screen Holdings is slipping almost 4 percent.
In the banking sector, Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are declining almost 2 percent each, while Mizuho Financial is losing more than 1 percent.
The major exporters are mostly lower. Mitsubishi Electric is losing more than 1 percent and Canon is edging down 0.4 percent, while Sony and Panasonic are down almost 1 percent each.
Among the other major losers, Taiyo Yuden is plunging more than 7 percent, Lasertec, Mercari and Ibiden are tumbling almost 5 percent each. Sumco, Furukawa Electric and Resonac Holdings are declining more than 4 percent each, while Murata Manufacturing, Sumitomo Electric Industries and Kokusai Electric are losing almost 4 percent each. JX Advanced Metals is down more than 3 percent.
Conversely, SHIFT and Toho are surging more than 5 percent each, while BayCurrent is advancing more than 4 percent and Aeon is gaining almost 3 percent.
In the currency market, the U.S. dollar is trading in the higher 157 yen-range on Monday.
On Wall Street, stocks showed a significant move back to the downside during trading on Friday after recovering from an early slump to end Thursday's session mostly higher. Technology stocks led the way lower, dragging the tech-heavy Nasdaq down to its lowest closing level in a month.
The Nasdaq ended the day off its lows of the session but still plunged 572.99 points or 2.1 percent to 26,140.03. The S&P 500 also slumped 84.62 points or 1.1 percent to 7,659.44, while the narrower Dow posted a more modest loss, falling 175.28 points or 0.3 percent to 52,002.41.
Meanwhile, the major European markets also moved to the upside on the day. While the German DAX Index jumped by 1 percent, the U.K.'s FTSE 100 Index climbed by 0.4 percent and the French CAC 40 Index rose by 0.3 percent.
Crude oil prices rallied again on Friday, surging above $100 a barrel for the first time in a month as Iran re-escalated its attacks in the Strait of Hormuz. West Texas Intermediate crude for November delivery spiked $3.33 or 3.4 percent to $101.30 a barrel.
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