Video PlayerClose TOKYO, Feb. 7 (Xinhua) — Tokyo stocks closed lower Thursday following U.S. shares retreating overnight and auto issues here losing ground after Toyota’s subpar earnings report a day earlier, but SoftBank Group’s announcement of a share buyback scheme helped pare losses with its solid advance. The 225-issue Nikkei Stock Average dropped 122.78 points, or 0.59 percent, from Wednesday to close the day at 20,751.28. The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 13.10 points, or 0.83 percent, to finish at 1,569.03. Investor concerns about domestic firms’ slowing corporate earnings coupled with worse-than-expected earnings from video game-related companies in the U.S. weighing on markets in New York overnight saw stocks here pressured from the off, local market analysts said. “Many of the Japanese and U.S. companies have cut their earnings forecasts during this earnings season so investors find it difficult to buy,” Shoji Hirakawa, chief global strategist at Tokai Tokyo Research Institute, was quoted as saying. From a domestic point of view Hirakawa and other analysts were referring in particular to auto giant Toyota Motor Corp. who announced Wednesday it had cut its group net profit forecast for the business year… Read full this story
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