Japan Market extends losses on firmer yen, earnings concerns

Japan share market finished lower for second straight session on Thursday, 06 August 2020, as a comparatively firm yen and concerns about domestic corporate profits dented sentiment. At closing bell, the 225-issue Nikkei Stock Average fell 96.70 points, or 0.43%, to 22,418.15. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 4.83 points, or 0.31%, at 1,549.88.

Total 19 issues of the 33 industry category of Topix index dived into negative territory, with Foods, Land Transportation, Warehousing & Harbor Transportation Services, Electric Power & Gas, Real Estate, and Pharmaceutical issues being notable losers, while Insurance, Mining, Oil & Coal Products, and Nonferrous Metals issues were notable gainers.

A series of disappointing earnings and forecasts from domestic companies due to the COVID-19 pandemic have weighed on the Japanese market for the past few sessions. Although some investors argue that the decline in corporate profits has bottomed out and earnings will gradually recover.

CURRENCY: The Japanese yen traded at 105.58 per dollar after seeing an earlier high of 105.37 against the greenback. .

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