Japan Market declines as tech shares selloff accelerates

Japan share market finished session lower on Wednesday, 09 September 2020, as risk sentiment soured on tracking weak lead from Wall Street overnight and yen appreciation against greenback. However, market losses capped on optimism that the Bank of Japan would buy exchange-traded funds to support the market.

At closing bell, the 225-issue Nikkei Stock Average inclined 184.18 points, or 0.8%, to 23,274.13. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 11.15 points, or 0.69%, to 1,620.89.

Total 29 issues of the 33 industry category of Topix index ended into red territory, with Services, Banks, Real Estate, Transportation Equipment, Securities & Commodities Futures, Information & Communication, and Insurance issues being notable losers, while Marine Transportation and Iron & Steel issues were notable gainers.

Shares technology companies declined on following losses seen by their counterparts stateside. Shares of SoftBank Group Corp dropped 2.87%. The stock has plunged more than 10% since its Friday close after reports stated the firm as the Nasdaq whale that bought billions of dollars in technology company stock options over the past month.

Energy-related stocks tumbled as oil prices slumped after Saudi Arabia cut its October selling prices and COVID-19 cases rebounded in several countries. Shares of oil and gas exploration company INPEX Corp dropped 3.1% and Cosmo Energy Holdings Co fell 1.1%.

CURRENCY: The Japanese yen traded at 105.93 per dollar after an earlier high of 105.76 against the greenback.

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