Nikkei posts biggest one-day drop in 2 weeks

Japan’s Nikkei average posted the biggest one-day drop in two weeks on Thursday, hit by dismal earnings from the likes of Komatsu Ltd and signs the US Federal Reserve is on course to raise interest rates this year despite a shaky global outlook.

The Nikkei fell 1.1 per cent to 17,606.22, the biggest one-day percentage drop since January 16.

The broader Topix fell 1.1 per cent to 1,413.58, while the JPX-Nikkei Index 400 shed 1.2 per cent to 12,820.95.

The Federal Reserve has signalled that it remains firmly on track with plans to raise interest rates this year despite a deteriorating global outlook.

Construction equipment makers Komatsu tumbled 8.5 per cent and Hitachi Construction Machinery dived 11 per cent after reporting poor earnings.

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