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Nikkei dips as yen firms, earnings disappoint

Published 29/07/2020, 04:36
© Reuters.
USD/JPY
-
JP225
-
TOPX
-
7201
-
7751
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6954
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6645
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2702
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8202
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TOKYO, July 29 (Reuters) - Japanese shares extended losses
on Wednesday as a stronger yen and dismal earnings reports hurt
sentiment, while Canon Inc slid to a near 21-year low on its
first quarterly loss.
The Nikkei share average .N225 fell 0.79% to 22,479.05,
with 44 advancers and 176 decliners on the index.
The broader Topix .TOPX lost 0.86% to 1,555.65. All but
five of 33 sector sub-indexes on the Tokyo exchange traded in
the red.
The safe-haven yen stood firm, denting market sentiment, as
the dollar remained weak on pessimism over a quick economic
recovery. The Japanese yen rose as high as 104.955 to the dollar
JPY= in the previous session, hitting an over 4-month high.
Earnings results from several Japanese firms on Tuesday also
highlighted the toll the coronavirus outbreak is taking on the
economy.
Canon Inc 7751.T dived 13.14% to its lowest level since
March 1999 after the camera and printer manufacturer reported
its first ever quarterly loss. Nissan Motor 7201.T slipped 9.47% after the automaker
warned of a record operating loss this year and its lowest sales
in a decade. Fanuc Corp 6954.T dropped 7.16% after the factory
automation company forecast its operating profit to decline for
the fiscal year.
Meanwhile, Omron 6645.T added 2.15%, having touched a
record high early in the session, after the electronics maker
reported upbeat April-June earnings.
Elsewhere, Laox Co Ltd 8202.T , a Japanese electronics
retailer controlled by Chinese electronics retail giant Suning
Appliance Co Ltd, lost 6.29% after the firm said it would shut
down half of its stores as the coronavirus outbreak kept away
tourists. McDonald's Holdings Company Japan 2702.T dropped 8.08%
after McDonald's Corp MCD.N said it planned to reduce stake in
Japan.

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