Nintendo Loses at Japan Stock Exchange After Meager Debut New Switch

Computer game producer Nintendo was a striking loser on the stock exchange in Japan on Friday. Investors put the share 0.5 percent lower after disappointing sales of the new Switch console.

 

The pricey game console is doing much less in terms of sales in Japan than its predecessor, presumably also because of production problems, which means that fewer devices are available. Against the loss of Nintendo was a profit of competitor Sony, which won more than 2 percent.

The Nikkei in Tokyo entered the weekend with a gain of 1.8 percent at 29,071.00 points. The sentiment was also positive elsewhere in Asia. Investors are still optimistic about a strong start to the quarterly earnings season. Markets also benefited from positive reports about the recovery of the US economy, among others, which remains on track despite concerns about the impending end of the support measures.

Shares of chipmaker TSMC rose nearly 5 percent in Taipei. The Taiwanese company delivered better-than-expected results, and the outlook for the remainder of this year also gave investors a positive boost. Due to the high demand for chips, TSMC is significantly increasing its production capacity. The company is earmarking tens of billions for this.

Soaring prices, supply chain problems and the energy crisis following the reopening of economies are putting pressure on central bank policymakers. As a result, they may need to intervene sooner than expected to prevent inflation from spiralling out of control. This has led to some turmoil in the markets of late, but strong earnings figures from major US banks such as JPMorgan Chase, Morgan Stanley, Bank of America and Citigroup have fueled confidence.

The Hong Kong stock market was 1.4 percent higher after being closed for two days. Stock market sentiment was also positive in Sydney and Seoul. In China, investors were still somewhat cautious amid concerns about economic growth possibly slowing down. The stock market in Shanghai was 0.5 percent higher.

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