Japan Stocks extends losses on profit booking

Japan share market finished session lower after moving in and out of positive territory on Wednesday, 08 July 2020, on tracking overnight Wall Street losses, amid unabated fears over a resurgence in novel coronavirus infections across the world and WHO warns coronavirus deaths could start to rise again that could derail a nascent global economic recovery.

At closing bell, the 225-issue Nikkei Stock Average dropped 176.04 points, or 0.78%, to 22,438.65. The broader Topix index of all First Section issues on the Tokyo Stock Exchange declined 14.48 points, or 0.92%, at 1,557.23.

New coronavirus cases continue to climb globally, with the United States surpassing over 3 million confirmed cases across states and Australia's second-biggest city Melbourne re-imposing lockdown measures on Tuesday. On the domestic front, capital Tokyo has also seen a rise in cases, but Economy Minister Yasutoshi Nishimura said a new state of emergency for the coronavirus is not needed.

A World Health Organization official said on Tuesday that it shouldn't be a surprise if coronavirus deaths start to rise again. Reported Covid-19 cases globally accelerated in June while the death toll has been falling. WHO officials warned that there's a lag between rising cases and increasing deaths. It takes weeks after contracting the virus to fall seriously ill and potentially die from the coronavirus. Cases have recently spiked stateside with Texas reporting more than 10,000 additional Covid-19 cases Tuesday a record-breaking daily surge.

OLED manufacturer Hodogaya Chemical Co Ltd performed strongly, soared 15.56%, after reports that Apple Inc will shift to OLED screens for its fifth-generation iPhones this year.

CURRENCY: The Japanese yen traded at 107.44 per dollar after after seesawing between levels below 107.4 and above 107.7 against the greenback yesterday.

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