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Japan stocks end lower amid U.S. Senate runoff uncertainty

Published 01/06/2021, 02:26 PM
Updated 01/06/2021, 02:30 PM
© Reuters.
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By Stanley White
TOKYO, Jan 6 (Reuters) - Japanese stocks ended lower on
Wednesday amid uncertainty about the results of U.S. Senate
runoff elections in Georgia, while sentiment was also dented by
a likely announcement of a state of emergency in Tokyo and
surrounding cities later this week.
The Nikkei 225 Index .N225 ended down 0.38% to 27,055.94
after gaining as much as 0.17%. The broader Topix .TOPX rose
0.28% to 1,796.18.
If Democrat challengers win, it would be easier for
President-elect Joe Biden to pass big fiscal spending, which is
generally considered a positive. A Democrat sweep could also
make it easier for Biden to raise corporate taxes, a negative
factor for stocks. However, margins were razor thin and official results will
not be known until the following day, leaving the outcome up in
the air.
"If we get more clarity on what type of policies will emerge
from a Biden administration as a result of the Georgia vote,
then the trend for markets could change," said Ayako Sera,
market strategist at Sumitomo Mitsui Trust Bank.
"I don't expect a big sell-off, but Japanese stocks have
already rallied so much last year that upside this year will be
somewhat limited."
The underperformers among the Topix 30 were Sony Corp
6758.T , down 2.27%, followed by Keyence Corp 6861.T , losing
2.09%.
The stocks that gained the most among the top 30 core Topix
names were Sumitomo Mitsui Financial Group Inc 8316.T , up
4.04%, followed by Mizuho Financial Group Inc 8411.T , gaining
3.09%.
There were 161 advancers on the Nikkei index against 60
decliners.
The volume of shares traded on the Tokyo Stock Exchange's
main board .TOPX was 1.04 billion, compared to the average of
1.18 billion in the past 30 days.

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