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Japanese shares fall on U.S. Fed's gloomy economic view

Published 20/08/2020, 04:24
© Reuters.
JP225
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TSLA
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SOX
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TOPX
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8035
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6752
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6857
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IELEC.T
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IMETL.T
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IRLTY.T
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MTHR
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TOKYO, Aug 20 (Reuters) - Japanese shares fell on Thursday,
tracking Wall Street lower, as the U.S. Federal Reserve's
minutes showed that policymakers were concerned about the
uncertain path of economic recovery from the coronavirus
pandemic.
The benchmark Nikkei share average .N225 fell 0.7% to
22,948.86 by the midday break, with 73 advancers on the index
against 146 decliners.
The broader Topix .TOPX lost 0.5% to 1,605.67. All but six
of the 33 sector sub-indexes on the Tokyo exchange traded in
negative territory, with real estate .IRLTY.T , electric
appliances .IELEC.T and metal products .IMETL.T being the
three worst performers.
Minutes from the Fed's July 28-29 meeting published on
Wednesday showed policymakers judged that the swift rebound in
employment seen in May and June had likely slowed and that
additional "substantial improvement" in the labour market would
hinge on a "broad and sustained" reopening of business activity.
Following the Fed's minutes, Wall Street retreated to close
lower, while the dollar put on the biggest one-day surge since
March. .N FRX/
The yen weakened to last trade at 106.09 per dollar, which
analysts say supported the Japanese market from further
declines.
Shares of semiconductor-related companies underperformed, as
sentiment was hit after the U.S. Philadelphia semiconductor
index .SOX lost 0.63% overnight.
Screen Holdings Co Ltd 77.35.T slipped 4.07%, while Tokyo
Electron Ltd 8035.T and Advantest Corp 6857.T fell 2.16% and
2.65%, respectively.
The Mothers Index .MTHR of start-up firm shares lost
0.88%, a day after it rallied to a two-year high.
Panasonic 6752.T was one of the top percentage gainers in
the index, rising 2.59%, after media reported the company would
invest more than $100 million to boost its battery production
capacity for Tesla TSLA.O .

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