Tokyo stocks close down for third straight session

TOKYO: Tokyo stocks closed lower for a third consecutive session on Friday with investors cautious as virus cases surge in Tokyo one week before the Olympic Games begin.

The benchmark Nikkei 225 index fell 0.98 percent, or 276.01 points, to 28,003.08. Over the week, however, it rose 0.22 percent.

The broader Topix index lost 0.38 percent, or 7.42 points, to 1,932.19 but gained 1.04 percent from a week earlier.

"The uncertainty surrounding the Olympics dampened market sentiment," Shinichi Yamamoto, a broker at Okasan Securities, told AFP.

"Investors are worried about a spike in infection cases in Tokyo ahead of the Olympics," Yamamoto said.

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The dollar fetched 109.95 yen in Asian afternoon trade, compared with 109.82 yen in New York late Thursday.

In Tokyo, Uniqlo casual wear operator Fast Retailing dropped 2.61 percent to 77,520 yen after revising its annual projections slightly downwards as the pandemic drags on.

Chip-related shares lost ground. Advantest, maker of tools to test semiconductors, fell 2.21 percent to 9,290 yen, with Renesas Electronics down 1.51 percent at 1,233 yen.

Toyota rose 0.34 percent at 9,866 yen despite reports its plant in South Africa had suspended operations due to unrest in the country.

Nissan jumped 1.65 percent to 576.2 yen, with Honda up 0.05 percent at 3,516 yen.