TOKYO, Jan 18 (Reuters) - Japanese stocks fell on Monday amid continued unease over China’s economic outlook and the slide in crude oil prices to lows not seen since 2003.
The Nikkei share average fell 1.1 percent to 16,955.57, its lowest close in a year.
Information and communication stocks shed 2.4 percent to lead the day’s declines.
Softbank Group Corp weighed heavily on the sector, plunging 7.9 percent after Nomura Securities cut its target price to 7,550 yen per share from 8,580 yen.
The Japanese telecommunications giant is the majority stakeholder in Sprint Corp, which shed 10 percent of its share price in Friday’s sell-off on Wall Street.
Mizuho Financial Group Inc slipped 2.5 percent after SMBC Nikko Securities cut its rating on the stock to “neutral” from “outperform”, citing slow growth in emerging economies.
The broader Topix fell 1 percent to end the day at 1,387.93 with all but three of its 33 subindexes in negative territory.
The JPX-Nikkei Index 400 declined 1 percent to 12,498.67. (Reporting by Joshua Hunt; Editing by Richard Borsuk)