Japan Nikkei extends losses

The Japan share market finished lower for fourth session in row on Tuesday, 18 February 2020, as risk-off selloff continued on worries about the economic impact of the new virus outbreak from China. Most of TSE sectors declined, with technology issues being notable lower after Apple Inc. said overnight its quarterly sales would miss previous forecasts. At closing bell, the 225-issue Nikkei Stock Average declined 341.91 points, or 1.45%, to 23,181.33, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 22.12 points, or 1.31%, at 1,665.65.

Shares of Apple suppliers in Asia fell, as the tech giant warned it may not meet its quarterly revenue forecast because of lower iPhone supply globally and lower Chinese demand as a result of disruptions from the coronavirus outbreak. Apple makes most of its iPhones and products in China. The epidemic has caused the company to temporarily halt production and close retail stores in China. Japan's Alps Alpine tumbled 3.4%, Murata Manufacturing fell 3.7%. Taiyo Yuden plunged more than 5%.

 

CURRENCY NEWS: The Japanese yen, often viewed as a safe-haven currency in times of economic uncertainty, appreciated against a basket of currencies. The Japanese yen traded at 109.76 against the dollar, little unchanged after hitting above the 110 level briefly last week.

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