The Tokyo Stock Exchange closed mixed

The Tokyo Stock Exchange closed mixed

The Tokyo Stock Exchange closed today with mixed results in its main indicators. It resulted from the lack of incentives for investors and the persistent uncertainty due to the economic effect of the coronavirus pandemic.

The Nikkei settled with a drop of 45.74 points or 0.16% to 28,814.34 integers. At the same time, the broader Topix index, which includes the largest capitalization stocks, closed with an advance of 3.2 points or 0.17% to 1,926.18 integers.

Stronger yen, coronavirus worries weighed on the market

The Tokyo stock fluctuated between positive and negative terrain during the day, after the declines the day before in the main European markets. Those losses were due to fears of an increase in inflation in the context of economic recovery.

Another negative factor for Tokyo investors was the appreciation of the yen against the dollar. According to local analysts, that trend hurts large Japanese exporters.

According to Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management Co, investors cue from retreats in Shanghai shares after recent profits. He added that the stronger yen might have weighed on sentiment. Investors also avoided buying after government data revealed capital spending by Japanese companies was lower than expected in the 1st quarter last year.

Among the most extensive capitalization stocks in Tokyo, tech giant Softbank lost 1.13%. At the same time, Japanese auto leader Toyota Motor gained 3.37%.

Nintendo, a video game company, decreased by 1.38%. In contrast, the electronic components manufacturer Lasertec advanced by 1.5%.

In the first section, 1,361 stocks advanced compared to 733 that fell, and 98 stocks ended unchanged.

The declines were led by pharmaceutical companies and steel and metal companies. The most substantial gains were for the mining and transportation sectors.

The trading volume amounted to 2.04 trillion yen.