Tokyo shares remained firm most of the day following a rebound on Wall Street overnight on expectations of the U.S. stimulus package. The increased exchange-traded fund purchases by the Bank of Japan as part of its expanded monetary easing policy also supported issues.
However, selling was triggered late afternoon on tracking fall in U.S. stock futures, pulling the Nikkei index into negative territory after gaining more than 2 percent. U.S. stock futures sagged on speculation the administration of President Donald Trump may not be able to advance discussions smoothly on its proposed $1 trillion stimulus plan with Democrats
Globally, more than 184,000 have been infected by the coronavirus while at least 7,529 lives have been taken, according to the latest figures from the World Health Organization.
Mining and warehousing and harbor transportation service issues posted sharp declines as more travel bans have been introduced to try to prevent further spread of the coronavirus.
Shares in Japan's Fujifilm Holdings Corp jumped after a Chinese official said the company's Avigan anti-flu drug appeared to help coronavirus patients recover.
SoftBank Group tumbled after reports that the investment giant is reviewing its plan to acquire up to $3 billion worth of WeWork shares from existing shareholders.
ECONOMIC NEWS: Japan Posts Y1,109.845 Billion Trade Surplus In February -Japan posted a merchandise trade surplus of 1,109.845 billion yen in February, the Ministry of Finance said on Wednesday, following the 1,312.6 billion yen deficit in January. Exports were down 1% on year, after sliding 2.6% in the previous month. Imports tumbled an annual 14% following the 3.6% decline a month earlier. CURRENCY NEWS: The Japanese yen, often seen as a save-haven in times of economic uncertainty, traded at 106.97 per dollar following an earlier low of 107.70.
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