Japanese shares end lower as virus resurgence hits risk appetite
TOKYO, April 14 (Reuters) - Japanese shares ended lower on Wednesday, weighed down by cyclicals, as a resurgence in COVID-19 cases cast doubts over prospects of economic rebound, while falling interest rates dragged banking and insurer stocks.
The Nikkei share average .N225 was down 0.28% at 29,668.74, as of 0202 GMT, while the broader Topix .TOPX slipped 0.23% to 1,953.80.
"The expectations for the reopening of the economy shrank because rollouts of vaccines in Japan is much slower than other countries, while the number of new COVID-19 cases is on the rise," said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.
"The interest rates could fall if the economy slows down. That has sent bank and insurer shares lower on Wednesday."
Japanese government bond yields tracked overnight U.S. Treasury yields lower on Wednesday. in Japan have been the slowest among developed economies, while infections are on the rise, and experts worry Tokyo is on the cusp of an "explosive" jump in cases with 100 days to go until Tokyo is scheduled to host the Olympics. firms .ISHIP.T and textiles .ITXTL.T led declines on the main bourse, with clothing materials maker Toray Industries 3402.T losing 3.42%.
Department store operator J.Front Retailing 3086.T dropped 7.42% to became the biggest loser on the Nikkei after flagging a disappointing annual profit forecast. fell, with Dai-ichi Life Holdings 8750.T down 2.13% and T&D Holdings 8795.T losing 3.89%.
Mega banks also slipped, with Mitsubishi UFJ Financial Group 8306.T losing 0.46% and Sumitomo Mitsui Financial Group 8316.T dipping 0.82.
Toshiba 6502.T jumped 5.77% amid reports of more plans of bids for the conglomerate, though gains were limited after the company announced resignation of Chief Executive Officer Nobuaki Kurumatani.
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