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Japan’s Nikkei share average fell to a near 1-week low on Thursday morning due to across-the-board selling after US shares dropped overnight, while office equipment maker Ricoh stumbled after a media report said it was considering an impairment charge.
The Nikkei declined 1.2 per cent to 21,700.15 in midmorning trade, after dropping as low as 21,626.85, the lowest since February 16.
Ricoh Co tumbled more than 5 per cent shortly after the market opened, following the report which said it was considering taking a charge of up to 100 billion yen ($930 million) this fiscal year.
Ricoh said in a statement it was unclear if it would book an impairment loss or what the amount would be pending the test results. The company said it was conducting “impairment tests".
Shippers underperformed, with Kawasaki Kisen falling 2.3 per cent and Nippon Yusen dropping 1.3 per cent.
On Wednesday, the European Commission handed out €546 million ($673.49 million) in fines to car shipping groups and car parts suppliers , including the two shippers, for anti-competitive behaviour.
The broader Topix declined 1.0 per cent, with all of its 33 subsectors in negative territory.
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