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Japanese shares edge down as rising COVID-19 cases cast doubt on economic rebound

Published 04/14/2021, 10:39 AM
Updated 04/14/2021, 10:40 AM

TOKYO, April 14 (Reuters) - Japanese shares edged lower on
Wednesday, dragged down by materials stocks, as mounting new
COVID-19 cases have cast doubt over an economic rebound, while
concerns over falling rates pushed shares of banks and insurers
lower.
The Nikkei share average .N225 inched down 0.28% to
29,668.74 by 0202 GMT, while the broader Topix .TOPX slipped
0.23% to 1,953.80.
"The expectations for the reopening of the economy shrank
because rollouts of vaccines in Japan is much slower than other
countries, while the number of new COVID-19 cases is on the
rise," said Shoichi Arisawa, general manager of the investment
research department at IwaiCosmo Securities.
"The interest rates could fall if the economy slows down.
That has sent bank and insurer shares lower today."
Japan's western region of Osaka on Tuesday reported a record
1,099 new cases of coronavirus infections as a highly contagious
variant is driving a fourth wave. The market sentiment was also hit by the overnight fall in
the Dow Jones Industrial Average .DJI amid the news on a pause
in Johnson & Johnson's JNJ.N COVID-19 vaccine rollout.

Textiles .ITXTL.T and papers .IPAPR.T led declines on
the main bourse, with clothing materials maker Toray Industries
3402.T falling 3.71%, making it the biggest loser on the
Nikkei.
Insurers fell, with Dai-ichi Life Holdings 8750.T down
2.1%, T&D Holdings 8795.T losing 3.53% and Sompo Holdings
8630.T 0.8%.
Mitsubishi UFJ Financial Group 8306.T fell 0.75% and
Sumitomo Mitsui Financial Group 8316.T lost 0.88.
Toshiba 6502.T surged 6.86% amid reports of more plans of
bids for the conglomerate and expectations that its embattled
chief executive would soon resign. There were 57 advancers on the Nikkei index against 165
decliners.

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