Tokyo stocks close lower as yen rises – Gulf Today

Tokyo stocks close lower as yen rises – Gulf Today

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Tokyo stocks closed lower on Wednesday, with investor sentiment dampened by a strong yen and declines on Wall Street.

The key Nikkei 225 index fell 1.15 per cent, or 260.27 points, to 22,397.11, extending its losing streak for a fourth trading day.

The broader Topix index dropped 1.28 per cent, or 20.08 points, to 1,549.04.

"The yen's rise is one negative factor" although the current rates were not yet at a devastating level for Japanese exporters, said Makoto Sengoku, market analyst at Tokai Tokyo Research Institute.

"The drops in US stocks weighed more heavily on sentiment... The market would need fresh positive news to stage a rebound," he told AFP, citing progress on developing vaccines for the new coronavirus as an example.

Wall Street stocks finished decisively lower on Tuesday as legislators in Washington appeared far apart on another round of fiscal support for the coronavirus-battered economy.

The global economic outlook also remains clouded with resurgent COVID-19 infections in Asia and Europe -- on top of the already high number of new cases in the US -- and new containment measures. 

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