Japanese Stocks Closed Lower on Caution Over Corporate Results

Japanese stocks fell on Monday, as investors exercised caution ahead of a series of reports of company results, while sentiment was negatively affected by the growing cases of Coronavirus around the world.

The benchmark Nikkei index fell 0.09% to 23,494.34 points, while the broader TOPIX index fell 0.39% to 1618.98 points.

The losses included nearly two-thirds of the thirty-three sectors of the Tokyo Stock Exchange, especially services, brokerage, and financial companies in general.

Traders said that transactions are somewhat limited as the market awaits the US presidential election and corporate results.

Shares of companies that are expected to announce their results today rose. Canon shares rose more than 3%, Nitto Denko 0.68%, and Nedec 0.38%.

Investors have also been reluctant to form large positions in light of growing concerns about coronavirus cases.

The United States has witnessed its largest number of new infections ever in the last two days, and in Europe, France recorded an unprecedented increase over the weekend and Spain declared a state of emergency.