Japan: Stocks falls on weak offshore lead

Japan share market finished session lower on Tuesday, 20 October 2020, as investors succumbed to profit taking on tracking fall in Wall Street overnight on concerns a deal on a coronavirus-related stimulus package to help underpin the virus-hit U.S. economy may not be reached in enough time before the Nov. 3 presidential election. Market participants also refrained from taking big positions ahead of earnings results at home and abroad.

At closing bell, the 225-issue Nikkei Stock Average dropped 104.09 points, or 0.44%, to 23,567.04. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 12.24 points, or 0.75%, to 1,625.74.

 

Total 31 issues of 33 industry category of Topix index ended into red territory, with Land Transportation, Mining, Pulp & Paper, Warehousing & Harbor Transportation Services, Fishery, Agriculture & Forestry, Air Transportation, Insurance, and Electric Power & Gas issues being notable losses.

Overnight, Wall Street's main indexes closed lower as US lawmakers still appeared to struggle to reach an agreement on the coronavirus stimulus.

Japan Exchange Group dropped 1.5% after reports that the Financial Services Agency would conduct an on-site investigation of the Tokyo Stock Exchange and may issue a business improvement order after a system failure caused a full-day trade suspension earlier this month.

Tokyo Dome climbed 1.5% following reports that Hong Kong hedge fund Oasis Management had submitted a request to the company for an extraordinary shareholders meeting to replace top leaders.

CURRENCY NEWS: The Japanese yen traded at 105.49 per dollar following an earlier low of 105.61 against the greenback.

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