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Japan Shares End Lower, Chip Stocks fall on COVID19 Worries

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TOKYO, July 7 Reuters Japanese shares ended lower on Wednesday, dragged down by chiprelated stocks, with worries over a resurgence of COVID19 infections ahead of the Tokyo Olympics weighing on sentiment.

The Nikkei share average fell 0.96 to close at 28,366.95, while the broader Topix slipped 0.86 to 1,937.68.

Chiprelated shares tracked the Philadelphia SE Semiconductor index lower, with Tokyo Electron slipping 0.4, Advantest falling 0.82 and ShinEtsu Chemical dropping 3.27.

It is still hard to find positive news to lift Japanese shares as the pace for vaccine rollouts is taking a pause and the number of coronavirus infections in Tokyo is on the rise, and we have the Olympics amid the pandemic, said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

The government is floating proposals that would ban fans from all events at this months Olympics which is set to start later this month, local media reported, as officials scramble to address public concerns about the spread of the coronavirus.

Arisawa added that the Dows weak finish overnight also pressuring Japanese stocks.

Other local heavyweight stocks also declined.

Fast Retailing, known for its Uniqlo brand clothing stores, also dragged on the Nikkei by falling 1.11.

Technology startup investor SoftBank Group fell 0.62 as Didi Global, which it backs, fell as much as 25 in early U.S. trading on Tuesday after Chinese regulators ordered Didis app be taken down.

All…

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