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Markets

Tokyo stocks close lower

  • Suga pledged Monday to tackle surging coronavirus cases and restore normal life "as soon as possible".
18 Jan 2021

TOKYO: Tokyo stocks closed lower Monday after falls on Wall Street with US President-elect Joe Biden's $1.9-trillion stimulus plan largely priced in.

The benchmark Nikkei 225 index fell 0.97 percent, or 276.97 points, to end at 28,242.21, while the broader Topix index slipped 0.60 percent, or 11.12 points, to 1,845.49.

Mizuho Securities said investors were seen "disheartened by falls in US shares" on profit-taking.

Biden on Thursday detailed a mammoth economic rescue package to address what he called "the twin crises of a pandemic and this sinking economy".

Traders are now focused on Biden's inauguration on Wednesday.

They also had their eyes on a speech by Japan's Prime Minister Yoshihide Suga as polls showed plunging support for his government.

"Not just the content of his speech but also the way he talks and his facial expressions will be paid attention to, after his approval rate dropped" in weekend polls, said Rikiya Takebe, senior strategist at Okasan Online Securities.

Suga pledged Monday to tackle surging coronavirus cases and restore normal life "as soon as possible".

In Tokyo trading, SoftBank Group dipped 0.17 percent to 8,503 yen while Uniqlo casual wear operator Fast Retailing lost 0.85 percent to 90,210 yen.

Sony was down 0.75 percent while Toyota sank 1.25 percent to 7,636 yen and its rival Honda shrank 1.71 percent to 2,786.5 yen.

The dollar fetched 103.72 yen in Asian trade, against 103.86 yen in New York late Friday.

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