Japan Stocks fall on U.S. stimulus concerns, stronger yen

Japan share market finished session lower on Thursday, 22 October 2020, as investor sentiment dampened on following an overnight decline on Wall Street amid ongoing uncertainties over new round of COVID-19 stimulus measures for the virus-hit U.S. economy before the U.S. presidential election.

Market sentiment was also dampened as the safe haven yen rose to a one-month high as investors switched out of riskier assets like stocks and into safe havens like the Japanese yen and bonds.

At closing bell, the 225-issue Nikkei Stock Average declined 165.19 points, or 0.7%, to 23,474.27. The broader Topix index of all First Section issues on the Tokyo Stock Exchange shed 17.81 points, or 1.09%, to 1,619.79.

 

Total 30 issues of 33 industry category of Topix index ended into red territory, with Air Transportation, Pharmaceutical, Electric Power & Gas, Retail Trade, Mining, Land Transportation, Services, and Construction issues being notable losers.

ANA Holdings plunged 4% after reports said the airline has decided to retire half of its wide-body fleet, losing around 25 to 30 planes. Its rival Japan Airlines dropped 2.2%.

Fujifilm Holdings rose 0.1% after announcing plans to jointly seek approval in China for its anti-influenza drug Avigan to treat Covid-19.

CURRENCY NEWS: The dollar fetched 104.64 yen in Asian afternoon trade, up from 104.58 yen in New York late Wednesday but still down from the 105 yen level seen earlier this week.

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