Japanese shares fall as investors look past upbeat corporate outlook

  • Reuters
  • Stock Market News
Japanese shares fall as investors look past upbeat corporate outlook
Credit: © Reuters.

TOKYO, April 27 (Reuters) - Japanese shares inched lower on Tuesday as investors looked past upbeat corporate outlook amid worries about the government's handling of the COVID-19 pandemic, while chip-related stocks took cues from a positive finish overnight on the Nasdaq.

The Nikkei share average .N225 inched down 0.15% to 29,083.82 by 0211 GMT, while the broader Topix .TOPX slipped 0.37% to 1,910.83.

"There are uncertainties on the effect of the state of emergency that is imposed on certain parts of Japan, as many people seem to be ignoring it," said Takatoshi Itoshima, strategist at Pictet Asset Management.

"Shares in companies, which reported positive earnings, are not rising. That means investors' expectations for corporate outlook are too high."

Japan imposed a third state of emergency on Tokyo and other big cities, but local media have reported many parts of Tokyo are still crowded as people aren't complying with the order.

Chip-related shares gained, aided by a strong finish for the Nasdaq .IXIC overnight. Tokyo Electron 8035.T inched up 0.29%, TDK 6762.T gained 1.45% and Kyocera 6971.T rose 0.95%.

Camera and medical equipment maker Canon 7751.T edged down 0.19% even after its annual operating profit forecast beat market consensus. Denko 6988.T slipped 1.49% after the industrial materials maker's annual net profit forecast missed analysts' consensus. stocks that gained the most among the top 30 core Topix names were Nidec 6594.T up 1.31 %, followed by Sumitomo Mitsui Financial Group 8316.T rising 1.17%.

The underperformers among the Topix 30 were Keyence 6861.T down 2.92%, followed by Hoya 7741.T that lost 1.99%.

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