TOKYO, Feb 25 (Reuters) - Japan's Nikkei share average fell
nearly 5% to a four-month low on Tuesday, as investors returning
after a long weekend dumped riskier assets following a spike in
coronavirus infections outside China that threatened global
growth.
The Nikkei share average .N225 tumbled as much as 4.5% to
its lowest since late October and was last down 2.99% at
22,686.61. An immediate support for the index was seen at its
200-day moving average at 22,196.
The index showed a delayed reaction to falls in global
stocks on Monday, when Japanese markets were shut for the
emperor's birthday.
The broader Topix .TOPX declined 2.71% to 1,628.59, with
97% of the stocks on the main board in the red.
"In addition to rising infections, day by day more companies
are refraining from events and business trips. That will surely
have an impact on upcoming economic indicators," said Seiji
Arai, senior investment strategist at Mitsubishi UFJ Morgan
Stanley Securities.
The coronavirus death toll climbed to seven in Italy on
Monday and several Middle East countries were dealing with their
first infections, feeding worries it could turn into a pandemic.
Railway operators, normally seen as defensive plays, were
hit hard after the Japanese government advised citizens and
firms against making unnecessary travels.
Central Japan Railway 9022.T , which runs bullet trains
between Tokyo and Osaka, fell 4.7% to a two-year low and East
Japan Railway 9020.T dropped 1.5% to a three-and-a-half year
Keisei Electric Railway 9009.T dropped 5.2%.
Beer makers were also under pressure, with Asahi Group
Holdings 2502.T , Kirin Holdings 2503.T and Suntory Beverage
2587.T falling between 3.7% and 5.9%.
Cinema operator Toho 9602.T fell 4.3% and advertising firm
Dentsu 4324.T plunged 6% to hit a six-and-a-half year low on
rising questions over whether the Tokyo Olympics will be held as
planned.
The yen's sharp rebound over the past couple of sessions hit
exporters. Mazda Motor 7261.T fell 4.9% and Toyota Motor
7203.T lost 2.9%.
Fujifilm Holding 4901.T bucked the trend to jump 5.6% and
hit a record high after a media report that Japan is mulling use
the company's anti-flu drug Avigan to treat coronavirus.