News

Japanese Shares Fall on Pandemic Concerns, Wall St Decline

0

TOKYO, April 23 Reuters Japanese shares fell on Friday, dragged lower by technology firms, as the nations stricter curbs to contain COVID19 increased concerns about its economic impact, with sentiment dented further by a weak finish overnight on Wall Street.

The Nikkei share average declined 0.60 to 29,012.48 by 0157 GMT, while the broader Topix fell 0.38 to 1,915.14.

Market sentiment has been weak due to concerns on slow economic recovery as Japan plans to introduce emergency measures while vaccine rollouts are slow, said Masayuki Kubota, chief strategist at Rakuten Securities.

That sentiment is easily affected even by a decline in the U.S. market.

Wall Streets main indexes dropped on Thursday, on reports that President Joe Biden planned to almost double the capital gains tax.

Japan, struggling to contain the pandemics resurgence, plans to declare short and powerful states of emergency for Tokyo and other big cities for April 25 to May 11.

The government will require restaurants, bars, and karaoke parlours serving alcohol to close, and big sporting events to be held without spectators.

Tech firms fell, with Tokyo Electron losing 1.81, Fanuc falling 2.29, Advantest shedding 1.92.

Nidec, maker of precision motors used in computer hard drives and smartphones, tumbled 7.37 after its annual forecast for the current business year missed analysts consensus.

The largest percentage loser on the Nikkei was Screen Holdings, down 3.5 , followed by Komatsu and Z Holdings…

U.S. Stocks Drop on News of Biden Tax Proposals

Previous article

AsiaPacific shares struggle for direction in mixed trading day

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in News