Japan Stocks fall on profit booking

Japan share market finished session lower on Tuesday, 07 July 2020, as profit booking triggered after the Nikkei shot up more than 590 points in the past three sessions. Meanwhile, selloff pressure fuelled further amid the yen's appreciation against the U.S. dollar and as data showed that Japan's household spending for May marked the sharpest fall in 19 years as the pandemic led people to stay at home and dampened consumption.

At closing bell, the 225-issue Nikkei Stock Average dropped 99.75 points, or 0.44%, to 22,614.69. The broader Topix index of all First Section issues on the Tokyo Stock Exchange declined 5.44 points, or 0.34%, at 1,571.71.

 

Shares of pharmaceutical companies fell on profit booking after their recent gains amid efforts to develop drugs to fight the virus. Astellas Pharma dropped 2.2%, while Eisai declined 1.4%.

Department store operator Takashimaya slid after saying Monday it incurred a net loss in the March to May quarter with sales nearly halved from a year earlier as people refrained from spending in stores and on duty-free items amid the pandemic.

CURRENCY: The Japanese yen traded at 107.56 per dollar following an earlier high of 107.22.

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