Markets

Tokyo stocks open lower on virus worries

  • SoftBank Group was down 1.13 percent at 8,393 yen following reports that it applied for an initial public offering of a special purpose acquisition company (SPAC) called SVF Investment to raise up to $525 million.
Published December 22, 2020

TOKYO: Tokyo stocks opened lower on Tuesday following a mixed close on Wall Street as coronavirus worries intensified.

The Nikkei 225 index was down 0.47 percent or 124.63 points at 26,589.79 in early trade, while the broader Topix index was down 0.73 percent or 13.03 points at 1,776.02.

"Japanese shares are seen dominated by sell orders on concerns over expansion in coronavirus infections at home and abroad, even though expectations for US stimulus is supporting the downside," Mizuho Securities said in a commentary.

The dollar fetched 103.30 yen in early Asian trade, against 103.32 yen in New York late Monday.

Among major shares in Tokyo, Toyota was down 0.50 percent at 7,811 yen after it said it will suspend operation of its plants in Britain and France earlier than usual over virus concerns.

Its rival Honda was down 1.09 percent at 2,982 yen while Nissan was up 0.43 percent at 565 yen.

Fujifilm Holdings dropped 4.94 percent to 5,268 yen after reports said the health ministry had asked for more clinical data for approval of its anti-influenza drug Avigan for use in treating coronavirus patients.

SoftBank Group was down 1.13 percent at 8,393 yen following reports that it applied for an initial public offering of a special purpose acquisition company (SPAC) called SVF Investment to raise up to $525 million.

The SPAC is sponsored by SoftBank Investment Advisers and could invest in a new or existing portfolio company, reports said.

On Wall Street, the Dow ended up 0.1 percent at 30,216.45 while the broad-based S&P slipped 0.4 percent and the tech-rich Nasdaq ended down 0.1 percent.

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