Japan's Nikkei falls as Kioxia shares plunge 13 per cent
The Nikkei 225 dropped 0.31 per cent on Monday as disappointing earnings outlook from Kioxia weighed on the market.
Japan's Nikkei 225 index fell 0.31 per cent to 63,095.11 at the midday break on Monday, according to a report by Reuters in The Economic Times.
The decline was led by memory chip maker Kioxia, whose shares dropped 13.29 per cent after its outlook for the quarter through December missed investor expectations.
The broader Topix index also declined 0.84 per cent to 3,931.61.
Banking stocks faced pressure as Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group each fell by more than 2 per cent.
Gains in other companies helped restrict the index losses. Tokyo Electron rose 5.11 per cent following a forecast of a 50 per cent increase in annual group net profit.
Panasonic Holdings advanced 5.16 per cent after raising its full-year operating profit forecast by 20 per cent to 710 billion yen ($4.51 billion).