Japan shares slip on weak earnings, caution ahead of U.S. jobs data

  • Reuters
  • Stock Market News
Japan shares slip on weak earnings, caution ahead of U.S. jobs data
Credit: © Reuters.

TOKYO, Aug 7 (Reuters) - Japanese shares fell on Friday as the market reacted to a string of disappointing earnings and forecasts, while investors also took a cautious stance ahead of the U.S. non-farm payroll data for July and a long weekend.

The benchmark Nikkei share average .N225 fell 0.64% to 22,273.62 by the midday break.

Japan stock markets will be closed on Monday for a public holiday for observing 'Mountain Day'.

U.S. non-farm payroll due later in the day is widely expected to show jobs creation in the United States slowed in July from the previous month, indicating a resurgence in COVID-10 infections is undermining the world's largest economy. Corp 3436.T , which produces equipment for making semiconductors, slid 9.77% after reporting a 26.8% decline in its January-September net profit.

SUMCO's fall dragged down its peer Advantest Corp 6857.T by 4.04%, while Screen Holdings Co Ltd 7735.T and Tokyo Electron Ltd 8035.T lost 4.01% and 3.2%, respectively.

Shiseido Co Ltd 4911.T. slumped 9.3% after the cosmetics firm forecast a net loss and lower dividend for the full year. Corp 7731.T dipped 8.32% to its lowest since May 1995, as it forecast an operating loss of 75 billion yen ($710.56 million) for the fiscal year. not all earnings were bad, as game and electronic commerce industries saw a surge in demand from people staying at home due to the COVID-19 pandemic.

Nintendo Co Ltd 7974.T rose above 2.42% after posting a five-fold jump in quarterly profit.

Square (NYSE: SQ ) Enix Holdings Co Ltd 9684.T spiked 13.87% and marked its record high, after the gaming company posted a 241.4% increase in its operating profit for the three-month period ended June 2020.

Mercari Inc 4385.T also jumped 13.52% to its highest level since June 2018, as the flea market app operator logged a better-than-expected operating loss for the year ended June 30.

The broader Topix .TOPX lost 0.23% to 1,546.32. ($1 = 105.5500 yen)

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