Japan Stocks edge higher to weigh impact of coronavirus

The Japan share market finished session slight higher after trimming gains on Friday, 24 January 2020, as investors opted for quick profits after the market's earlier rise on some solid U.S. tech corporate earnings results. At closing bell, the 225-issue Nikkei Stock Average rose 31.74 points, or 0.13%, to 23,827.18, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange edged down 0.06 points, or 0.00%, at 1,730.44.

The markets started on a positive note as information technology and industrial equipment stocks rose following better-than-expected sales and profit forecasts from US chipmaker Intel Corp. But investors turned cautious after China said the death count rose to 25 from the coronavirus, with 830 confirmed cases as of Jan 23 and as Chinese authorities placed two cities on lockdown to contain the virus.

 

The World Health Organization said Thursday that it would not yet declare a global public health emergency over the virus. That helped soothe traders' jitters and provided markets with a sense of calm. Still, investors are nervous that the crisis could stick around for a while. There are rising concerns that the economic impact could extend beyond the" Lunar New Year.

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 109.54 per dollar after strengthening sharply from levels above 110 seen earlier in the trading week.

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