Japan Market extends losses on dismal earnings results

Japan share market finished session lower on Wednesday, 29 July 2020, as selling to lock in profits hit a wide range of issues after flurry of dismal earnings reports from major Japanese firms such as Canon and Fanuc, automaker Nissan, silicon wafer producer Shin-Etsu Chemical and restaurant chain Yoshinoya. The market selloff was also pressured by a comparatively firm yen against the U.S. dollar.

At closing bell, the 225-issue Nikkei Stock Average dropped 260.27 points, or 1.15%, to 22,397.11, extending its losing streak for a fourth trading day. The broader Topix index of all First Section issues on the Tokyo Stock Exchange declined 20.08 points, or 1.28%, at 1,549.04.

 

Total 31 sub-indices of 33 industry category of Topix index fell into negative territory, with Iron & Steel, Transportation Equipment, Other Financial Business, Chemicals, Air Transportation, and Electric Power & Gas issues being notable losers, while Marine Transportation and Information & Communication issues were notable gainers.

CURRENCY: The dollar was hovering around 105 yen, sharply lower than the 106-107 range seen a week earlier. The greenback was changing hands at 104.99 yen Wednesday against 105.09 yen in New York Tuesday afternoon.

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