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Japanese shares fall on pandemic concerns, Nidec outlook

Published 23/04/2021, 07:45
© Reuters.
JP225
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TOPX
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9007
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9022
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8035
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9202
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6857
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6954
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6594
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TOKYO, April 23 (Reuters) - Japanese shares closed lower on
Friday, as stricter government curbs to contain COVID-19
infections raised economic recovery concerns, while a
disappointing forecast from Nidec added to the cautious mood at
the start of the corporate earnings season.
The Nikkei share average .N225 fell 0.57% to 29,020.63,
while the broader Topix .TOPX lost 0.39% to 1,914.98. Both
indexes declined more than 2% for the week.
"The market sentiment has gotten weaker since reports on the
virus emergency measures started floating this week," said
Koichi Kurose, chief strategist, Resona Asset Management.
"And now, after Nidec disappointed investors, they want to
confirm the corporate outlook trend before making bets."
Japan, which is struggling to contain a resurgence of
coronavirus infections, plans to declare "short and powerful"
states of emergency for Tokyo and other big cities from April 25
to May 11.
The government will require restaurants, bars, and karaoke
parlours serving alcohol to close, and big sporting events to be
held without spectators. Nidec 6594.T , a maker of precision motors used in computer
hard drives and smartphones, tumbled 5.12% after its annual
forecast for the current business year missed analysts'
consensus.
Japanese shares were also weighed down by a weaker Wall
Street finish overnight on reports that U.S. President Joe Biden
planned to almost double the capital gains tax. .N
Tech firms fell, with Tokyo Electron 8035.T losing 1.45%,
Fanuc 6954.T falling 3.05% and Advantest 6857.T shedding
1.25%.
Pandemic-hit shares rose the most on index, with ANA
Holdings 9202.T up 3.38%, followed by Odakyu Electric Railway
9007.T , gaining 2.66%, and Central Japan Railway Co 9022.T ,
up by 2.53%.
There were 79 advancers on the Nikkei index against 139
decliners.

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