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Stock impact report

Japan stocks fall from one-week high on dour earnings, firmer yen [Reuters]

Mitsubishi UFJ Financial Group, Inc. (MUFG) 
Company Research Source: Reuters
Japan stocks fall from one-week high on dour earnings, firmer yen TOKYO, Aug 5 (Reuters) - Japanese shares retreated from a one-week high on Wednesday as downbeat earnings reports underscored the economic blow from the COVID-19 pandemic and a firmer yen weighed on exporters. The Nikkei index ended down 0.26% at 22,514.85, with the telecommunications and the consumer discretionary sectors leading the declines. The broader Topix fell 0.04% to 1,554.71. The Nikkei has rallied 37% from this year’s low hit in March but has recently struggled to break above resistance around 23,000 as investors turn more cautious in the face of rising coronavirus cases at home and elsewhere. “This is a retrenchment because the earnings so far have not been that good,” said Kiyoshi Ishigane, chief fund manager at Mitsubishi UFJ Kokusai Asset Management Co. “There’s a sense that Japanese companies are lagging behind American and European corporate earnings.” Highlighting the impact of the pandemic, Mitsubishi Show less Read more
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