Japan stocks fell on fears of isolating Tokyo due to virus

US, WASHINGTON (ORDO NEWS) — Japanese stocks fell on Monday after the spread of the Coronavirus over the weekend and the imposition or tightening of isolation measures in more countries, raising fears that Tokyo may start its first ever isolation.

The benchmark Nikkei fell 1.6 percent to 19,084.97 points after gaining 3.9 percent on Friday.

On Saturday, Japanese Prime Minister Shinzo Abe vowed to take a series of unprecedented steps, and said the country was on the verge of declaring a national emergency as infections escalated.

The broader Topix index fell 1.6 percent to 1,435.54 points.

With the exception of six indicators, all 33 sub-sector indices recorded on the Tokyo Stock Exchange, and the air transport, banking and insurance sectors were the worst performers.

Leading stocks were not excluded from the sale, and Toyota Motor fell 3.3 percent after the automaker group said its global production fell in February 12.2 percent year on year.

Sony Corp shares fell 3.8 percent after the company said the impact of the virus outbreak could be so severe that it erased revisions to its annual earnings forecast for February.

As Tokyo approached a possible citywide shutdown due to the epidemic, food manufacturers’ shares jumped, bucking the downward trend.

Nichiri Corp rose 4.1 percent, Yamazaki Baking rose 3.8 percent, and Toyo Swiss Kaisha gained 6.3 percent.

FujiFilm Holdings jumped 6 percent after Abe said at a news conference on Saturday that the government would pay to approve the company’s avian flu drug, also known as faviravir, as a possible treatment for the Corona virus.


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