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Toshiba Falls on Japanese Stock Market After Chairman Vote Down

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Toshiba played a leading role on the stock exchange in Tokyo on Friday. Investors reacted to the news that a majority of shareholders voted against the reappointment of chairman Osamu Nagayama.

 

The overall mood in the Japanese market was positive, following higher Wall Street closings following a Washington agreement on a package of hundreds of billions of dollars of investment in US infrastructure.

The Nikkei in Tokyo was 0.7 percent higher into the weekend at 29,066.18 points. Toshiba fell 0.7 percent. Chairman Nagayama’s position came under further fire this month after investigations revealed the Japanese tech and electronics group colluded with the Japanese government to pressure activist foreign investors.

On the other hand, other technology companies were pushed higher following the price gains among US peers. The Japanese chip companies Advantest and Tokyo Electron gained up to 1.6 percent. Panasonic added 4.5 percent. Documents from the Japanese technology company revealed that the group sold its entire stake in American electric car maker Tesla last year.

The stock market indicator in Shanghai was 1.2 percent higher, while the Hang Seng index in Hong Kong climbed 1.3 percent. The All Ordinaries in Sydney won 0.6 percent. In the Australian metropolis of Sydney, several neighbourhoods will go into lockdown for a week from Friday due to an outbreak of the highly contagious Delta variant of the coronavirus.

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