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Nikkei dips to 2-1/2-week low as yen firms, earnings disappoint

Published 07/29/2020, 03:20 PM
Updated 07/29/2020, 03:30 PM
© Reuters.

© Reuters.

TOKYO, July 29 (Reuters) - Japanese shares fell to
2-1/2-week closing lows on Wednesday as a stronger yen and
dismal earnings reports hurt sentiment, while Canon Inc crashed
to a more than two-decade low after posting its first ever
quarterly loss.
The Nikkei share average .N225 fell 1.15% to 22,397.11,
the lowest close since July 10.
The broader Topix .TOPX lost 1.28% to 1,549.04, also
hitting its 2-1/2-week closing low.
The safe-haven yen stood firm as the dollar remained weak on
pessimism over a quick economic recovery. The yen rose as high
as 104.955 to the dollar JPY= in the previous session, hitting
a more than four-month high.
Earnings reports of several Japanese firms on Tuesday also
highlighted the toll the coronavirus outbreak is taking on the
economy.
Canon Inc 7751.T dived 13.46% to its lowest level since
March 1999 after the camera and printer manufacturer reported
its first ever quarterly loss. Nissan Motor 7201.T slipped 10.39% after the automaker
warned of a record operating loss this year and its lowest sales
in a decade. Fanuc Corp 6954.T dropped 7.16% after the factory
automation company forecast its operating profit to decline for
the fiscal year.
Meanwhile, Omron 6645.T added 2.29%, having touched a
record high early in the session, after the electronics maker
reported upbeat April-June earnings.
Some investors also stayed on the sidelines as they looked
to the U.S. Federal Reserve's policy decision later in the day.
Elsewhere, printer manufacturers tracked Canon Inc's fall,
with Konica Minolta 4902.T shedding 10.8% to its lowest since
November 1999, while Ricoh Co Ltd 7752.T dipped 8.59%.
Japanese electronics retailer Laox Co Ltd 8202.T lost
8.81% after the firm said it would shut down half of its stores
as the coronavirus outbreak kept away tourists. McDonald's Holdings Company Japan 2702.T dropped 7.56%
after McDonald's Corp MCD.N said it planned to reduce stake in
Japan.

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