Nikkei falls to 6-month low as coronavirus spreads further

TOKYO, March 6 (Reuters) - Japanese shares dropped to a
six-month low on Friday, on course for a fourth straight weekly
fall, as worries deepened over the economic damage from the
coronavirus that is spreading rapidly at home and abroad.
The Nikkei share average .N225 was down 2.83% at 20,726.02
by 0204 GMT, after touching its lowest since Sept. 4, 2019. The
broader Topix .TOPX lost 3.01% to 1,470.05. For the week, the
benchmark Nikkei slid 2.1%.
More than 96% of shares on the main board dropped, hitting
all the Tokyo Stock Exchange's 33 industry subindexes as the
epidemic spread further in Europe and the United States, while
Japan struggled to curb cases at home.
Tourism stocks took a hit after Japanese Prime Minister
Shinzo Abe ordered a two-week quarantine for visitors from China
and South Korea. H.I.S. 9603.T dropped 6.9%, AirTrip 6191.T fell 7.2%,
and KNT-CT Holdings 9726.T shed 5.1%.
TKP 3479.T , which offers rental conference rooms as well
as event facilitating services, declined 9.8% after the firm
slashed its profit outlook on various event cancellations due to
the epidemic. Domestic demand-oriented shares that have attracted
investors with relatively robust earnings prospects succumbed to
profit-taking.
Central Japan Railway 9022.T fell 4.6% and Recruit
Holdings 6098.T 4.1%
Exporters were dented as the yen strengthened to a six-month
high. FRX/
Honda Motor 7267.T lost 4.0% and Toyota Motor 7203.T was
down 3.4%.
The financial sector was hurt by plunging U.S. bond yields,
which are important source of interest income amid negative
interest rates at home.
MUFG 8306.T , SMFG 8316.T and Mizuho Holding 8411.T
fell 3.9%, 3.8% and 3.2% respectively.
The 10-year U.S. Treasuries yield sank to record low of
0.858% US10YT=RR .
Bucking the trend, Seven & i Holdings 3382.T rose 5.3%
after the retailer abandoned a bid for Marathon Petroleum Corp's
MPC.N Speedway gas stations in the U.S. after balking at the
price, as the market was concerned that the purchase would be
costly.