Nikkei closes at 4-month low as coronavirus spreads beyond Asia

* Nikkei posts worst session in 14 months
* About 98% of main board shares in red, highest ratio in 2
years
* Railway operators, beer companies among worst-hit stocks
* Fujifilm gains amid hopes of drug to treat coronavirus

By Hideyuki Sano
TOKYO, Feb 25 (Reuters) - Japan's Nikkei share average fell
to a four-month low on Tuesday, as investors reduced their
equity holdings on their first trade after a long weekend and as
a spike in coronavirus cases beyond mainland China threatened
the global economy.
The Nikkei share average .N225 tumbled 3.3% to 22,605.41,
its biggest intraday drop in 14 months, and closed at its lowest
since late October.
The index showed a catch-up reaction to falls in global
stocks on Monday, when Japanese markets were closed for the
emperor's birthday celebrations.
The broader Topix .TOPX declined 3.33% to 1,618.26, with
98% of the stocks on the main board in the red, the highest
ratio in more than two years.
The coronavirus death toll climbed to seven in Italy on
Monday and several Middle East countries were dealing with their
first infections, feeding worries it could turn into a pandemic.
"In addition to rising infections, day by day more companies
are refraining from events and business trips. That will surely
have an impact on upcoming economic indicators," said Seiji
Arai, senior investment strategist at Mitsubishi UFJ Morgan
Stanley Securities.
Railway operators, normally seen as defensive plays, were
hit hard after the Japanese government advised citizens and
companies against unnecessary large gatherings, prompting the
cancellation of many events and trips. Central Japan Railway 9022.T , which runs bullet trains
between Tokyo and Osaka, fell 6.3% to its lowest close in nearly
four years.
East Japan Railway 9020.T dropped 2.9% to a
three-and-a-half-year low, while Keisei Electric Railway
9009.T ended 5.5% weaker.
Beer makers also came under pressure, with Asahi Group
Holdings 2502.T , Kirin Holdings 2503.T and Suntory Beverage
2587.T falling between 3.9% and 6.3%.
Advertising firm Dentsu 4324.T plunged 8% to hit a
six-and-a-half-year low amid mounting doubts whether the Tokyo
Olympics will be held as planned.
Drugmakers, which had relatively done well since the
outbreak started in December last year, also succumbed to
profit-taking.
Daiichi Sankyo 4568.T dropped 5%, while Astellas Pharma
4503.T lost 4.8% and Takeda Pharmaceutical 4502.T shed 3.8%.
The yen's sharp rebound over the past couple of sessions hit
exporters. Shares of Mazda Motor 7261.T fell 6.8%, while
Toyota Motor 7203.T ended down 3.4%.
Bucking the sombre mood, Fujifilm Holdings 4901.T jumped
2.8% to hit a record high following a media report that Japan is
considering using anti-flu drug Avigan, manufactured by its
subsidiary, to treat coronavirus.