Japanese stocks fall on worries over fresh coronavirus cases

  • Reuters
Japanese stocks fall on worries over fresh coronavirus cases
Credit: © Reuters.

TOKYO, June 18 (Reuters) - Japanese stocks fell on Thursday, as a spike in coronavirus infections across the United States and China raised doubts about a swift recovery in the global economy.

The benchmark Nikkei average .N225 fell 1.01% to 22,229.02 by the midday break, with only 22 advancers against 200 decliners.

Six states across the United States reported record increases in new coronavirus cases on Tuesday, while authorities in Beijing ramped up mobility restrictions to contain the virus. also resulted in the benchmark S&P index .SPX falling 0.3% on Wednesday.

The broader Topix .TOPX lost 0.77% to 1,587.09 by the recess, with 30 of the 33 sector sub-indexes on the Tokyo exchange posting declines.

The yen also firmed against the dollar, with the dollar trading at 106.83 yen JPY= , down 0.17% during the session, hurting the earnings outlook for exporters.

Highly cyclical real estate, mining and airline shares led declines on the main bourse.

The real estate sector .IRLTY.T tumbled 2.67%, mining stocks .IMING.T dropped 2.41% and airlines .IAIRL.T fell 1.95%.

Machinery manufacturer NTN Corp 6472.T slipped 6.30% after the company forecast a net loss to 43.9 billion yen for the year ending in March.

A bright spot were gaming companies Nintendo 7974.T , which rose 2.7% to hit its highest level in 12 years, and Square (NYSE: SQ ) Enix Holdings 9684.T , which advanced 3.76%, as they benefit from strong demand as people stay home during the coronavirus outbreak.

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