Japanese shares touch one-month low on renewed coronavirus fears

  • Reuters
Japanese shares touch one-month low on renewed coronavirus fears

By Stanley White

TOKYO, Oct 29 (Reuters) - Japanese shares fell to a one-month low on Thursday as the return of coronavirus lockdowns in France and Germany put a damper on investor sentiment only days before the U.S. presidential election.

The Nikkei 225 Index .N225 fell 0.74% to 23,245.98 by 0144 GMT. The Nikkei earlier touched its lowest level since Oct. 2. The broader Topix .TOPX was down 0.48% at 1,604.84.

Japanese shares took the lead from a sharp fall in U.S. and European stocks after France and Germany, Europe's two-largest economies, were forced back into lockdown to contain a second wave of coronavirus infections. investors were also reluctant to buy equities and other risky assets due to uncertainty about the Nov. 3 election in the United States.

However, declines in Tokyo shares were limited as some individual companies rose due to an improving earnings outlook.

The underperformers among the Topix 30 were Shin-Etsu Chemical Co Ltd 4063.T and job placement company Recruit Holdings Co Ltd 6098.T , which fell about 2% each.

The stocks that gained the most among the top 30 core Topix names were consumer electronics maker Sony Corp 6758.T up 6.38%, followed by industrial conglomerate Hitachi Ltd 6501.T gaining 2.9%.

Both Sony and Hitachi rose after raising their earnings forecasts, which suggests Japanese companies are likely to weather another dip in global economic activity, analysts said. were 51 advancers on the Nikkei index against 170 decliners.

The volume of shares traded on the Tokyo Stock Exchange's main board .TOPX was 0.39 billion, compared to the average of 1.05 billion in the past 30 days.

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