Japanese shares hit 2-week low as oil rout hurts risk appetite

By Stanley White
TOKYO, April 22 (Reuters) - Japanese shares fell to a
two-week low on Wednesday, as investors unwound bets from risk
assets following the historic collapse in crude oil prices,
while caution ahead of corporate results later this week also
weighed on sentiment.
The Nikkei index .N225 fell 1.20% to 19,050.33 by midday,
with consumer discretionary and information technology sectors
leading declines.
While oil prices steadied on Wednesday after U.S.
front-month crude futures turned negative for the first time
ever earlier this week, the extent of the price disruption has
pushed other financial markets lower, prompting investors to
reverse long position in equities. [nL1N2C70AV ] O/R
Denting sentiment further, investors were reluctant to hold
big positions in Japanese shares before they announce earnings
later this week, which are likely to reveal the economic damage
caused by the coronavirus pandemic.
On the Nikkei index, there were 60 advancers against 161
decliners.
The largest percentage losers on the index were industrial
machinery maker Yokogawa Electric Corp 6841.T , down 4.72%,
followed by oil refiner Idemitsu Kosan Co Ltd 5019.T that fell
4.37%, and digital watch maker Casio Computer Co Ltd 6952.T ,
down by 4.26%.
The largest percentage gainers on the index were chemical
manufacturer Ube Industries Ltd 4208.T , up 3.6%, followed by
marine transport company Kawasaki Kisen Kaisha Ltd 9107.T that
gained 3.04%, and semiconductor testing equipment maker
Advantest Corp 6857.T , up by 2.74%.
Shares of games maker Nintendo 7974.T rose 1.69% after
activist investor ValueAct Capital Partners LP said it has built
a stake of over $1.1 billion in the company in a bet that the
development of new entertainment products will fuel growth.
Meanwhile, the broader TOPIX index .TOPX fell 0.67% to
1,406.42.
The volume of shares traded on the Tokyo Stock Exchange's
main board .TOPX was 0.56 billion, compared with the average
of 1.96 billion in the past 30 days.