TOKYO: Japan’s stock benchmark Nikkei recouped early losses on Wednesday to close marginally higher, but sentiment remained subdued over stalled Covid-19 vaccine trials and lack of agreement on additional US fiscal stimulus.
The benchmark Nikkei share average rose 0.11% to 23,626.73, while the broader Topix lost 0.32% to 1,643.90.
TDK Corp edged 0.08% lower, while Taiyo Yuden fell 0.27%.
Financial shares also took a hit from a weak performance in their US peers, with Sumitomo Mitsui Financial Group dropping 1.71% and Mitsubishi UFJ Financial Group down 1.01%.
Meanwhile, semiconductors performed strongly, with Tokyo Electron Ltd rising about 2.6% and Lasertec Corp up 0.1%.
The Mothers Index of start-up firms gained 1.37%, posting its highest close since January 2018.
Elsewhere, ANA Holdings dipped 4.59% after reports that the company was going to cut monthly wages for all workers by 5%.
Nippon Steel lost 3.82% on news that the company would sell two US plants as it speeds up a reorganisation in overseas operations.
Tokyo shares followed Wall Street lower in early trade before reversing course in the afternoon, which analysts suspected was due to the Bank of Japan’s exchange-traded fund buying.
On Tuesday, major indexes on Wall Street ended lower as Johnson & Johnson and Eli Lilly and Co halted coronavirus vaccine and antibody treatment trials, respectively, over safety concerns, dampening investor sentiment.
Fading hopes for a new US coronavirus relief package also weighed on the market, as US House Speaker Nancy Pelosi rejected a $1.8 trillion coronavirus relief proposal from the White House.
Back home, Apple-related issues underperformed on profit-taking and dented by a 2.7% fall in Apple Inc shares following an event where the company unveiled its latest iPhone.—Reuters
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