Japan's Topix index hits record high, Nikkei slips
Japan's Topix index reached an all-time high earlier in the session on Friday, and was up 0.4% at 3,198.43—even after the US announced fresh tariffs on branded or patented pharmaceutical imports, which affected Japanese pharmaceutical shares.
Meanwhile, the Nikkei slipped by 0.3% as chip stocks took a hit following drops in the US market.
Real estate stocks lead gains, while pharma and chipmakers drop
Real estate stocks led the gains in Tokyo with a solid 2.3% jump, but pharma shares slid after news of steep new tariffs starting October 1—Sumitomo Pharma and Otsuka Holdings both fell hard.
Chipmakers like Lasertec and Disco also dropped around 5%.
Still, some experts remain upbeat about Japan's market overall; Masayuki Kichikawa from Sumitomo Mitsui DS Asset Management points to strong fundamentals and reasonable prices compared to other countries.