Japan's Nikkei wavers as lower bond yields offset Broadcom hit

Business Recorder reported that Japan's Nikkei 225 lacked a clear trend on Thursday, last rising 0.21 per cent to 64,461.68 after moving in both directions. The broader Topix gained 0.91 per cent to 4,118.68. Investors weighed lower bond yields and softer oil prices against a slide in Broadcom shares.

Broadcom shares slid more than 3 per cent in extended trade at one point, after the chip and infrastructure software firm projected quarterly sales below Wall Street estimates. Major US indexes had nonetheless gained overnight. Ryotaro Sawada of Tokai Tokyo Intelligence Laboratory said the drop could limit gains in chip stocks that usually drive the index. Advantest and Fujikura retreated, while Kioxia and Tokyo Electron edged up.

Japan's energy explorer sector was the weakest of the 33 Tokyo sub-indexes, sliding 2.57 per cent, with Inpex among the decliners. Nitori Holdings and Mitsubishi Motors were the top percentage gainers on the Nikkei. The finance ministry is due to auction about 600 billion yen of 30-year bonds later in the day. Sawada said a weak result could weigh on technology shares while supporting banks.