Japanese shares fall on rising yen, U.S. political uncertainty

Chugai Pharmaceutical

22/10/2020 03:29

By Stanley White
    TOKYO, Oct 22 (Reuters) - Japanese shares fell on Thursday
as a rise in the yen threatened earnings of export-focused
stocks, while uncertainty ahead of the U.S. presidential
election weighed on sentiment.
    The Nikkei 225 Index  .N225  fell 0.64% to 23,489.27 by 0153
GMT while the broader Topix  .TOPX  was down 1.05% at 1,620.32.
    The yen  JPY=D3  jumped to a one-month high against the
dollar on Wednesday, pressuring shares of Japanese companies
that export autos and consumer goods. 
    Analysts attributed the yen's move to the broader sell-off
in the dollar as investors grow more concerned about stalled
negotiations over a new round of U.S. fiscal stimulus.
    Some traders are also reducing their exposure to riskier
assets ahead of the U.S. elections on Nov. 3, which could cap
gains in Japanese shares.
    The top underperformers among the Topix 30 on Thursday were
Central Japan Railway Co  9022.T , down 3.78%, followed by drugs
maker Daiichi Sankyo Co Ltd  4568.T , losing 3.14%.
    Share of ANA Holdings Inc  9202.T  slumped 4.43% to hit the
lowest level in more than two months after media reports that
the airline will book a record net loss for the fiscal year to
March as the pandemic devastates global travel demand.
 urn:newsml:reuters.com:*:nL4N2HC25S
    Weighed down partly by a stronger yen, Toyota Motor Co
 7203.T  fell 0.81%, Honda Motor  7267.T  lost 1.67% and Sony
Corp  6758.T  slid 0.99%. 
    The stocks that gained the most among the Topix core 30
names were industrial robot maker Fanuc Corp  6954.T , up 0.28%,
followed by Shin-Etsu Chemical Co Ltd  4063.T , gaining 0.07%.
    There were 44 advancers on the Nikkei index against 176
decliners.
    The volume of shares traded on the Tokyo Stock Exchange's
main board  .TOPX  was 0.33 billion, compared with the average
of 1.09 billion in the past 30 days.

 (Reporting by Stanley White; Editing by Aditya Soni)
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