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Japan Market extends losses for fifth day

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Japan share market finished lower for fifth straight session on Thursday, 30 July 2020, as risk aversion selloff continued on news about fresh business restrictions in Tokyo amid a fresh surge in coronavirus infections in the capital.

At closing bell, the 225-issue Nikkei Stock Average dropped 57.88 points, or 0.26%, to 22,339.23, extending its losing streak for a fifth trading day. The broader Topix index of all First Section issues on the Tokyo Stock Exchange declined 9.57 points, or 0.62%, at 1,539.47.

Total 29 sub-indices of 33 industry category of Topix index fell into negative territory, with Air Transportation, Electric Power & Gas, Land Transportation, Mining, Banks, and Construction issues being notable losers, while Securities & Commodities Futures and Precision Instruments issues were notable gainers.

Shares were initially higher, with the Nikkei gaining as much as 100 points, as investors' risk appetite was boosted after the end of the Federal Reserve's two-day policy meeting at which it maintained its policy of keeping the U. S. benchmark interest rate near zero and pledged to continue massive asset purchases.

But selling accelerated in the afternoon following the news that Tokyo had confirmed 367 more coronavirus cases Thursday, a record daily increase. Local media reported that the Tokyo governor would announce plans to ask restaurants and bars to shorten opening hours amid a fresh surge in coronavirus infections in the capital.

CURRENCY: The U. S. dollar fetched 105.06-08 yen, compared with 104.86-96 yen in New York and 104.81-83 yen at close in Tokyo on Wednesday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 30 2020. 15:58 IST