Japan Shares Decline, Posting Largest Weekly Loss in 3 Months

Japanese stocks fell on Friday and recorded their biggest weekly loss in three months as sentiment hurt by mixed business reports, high cases of Coronavirus and the uncertainty surrounding the US presidential election.

The benchmark Nikkei index fell 1.52% to 22,977.13 points. The index fell 2.3% this week, the biggest weekly decline since June 31.

Investor confidence was shaken this week by a spike in infections in Europe and the United States, while France and Germany re-imposed lockdown measures, a move that raises concerns about the global economic recovery.

Analysts said the growing risk of the US presidential election on November 3 not yielding a decisive result, and the sharp decline in US equity futures during the Asian session, pushed investors to shrink credit positions.

Kyocera topped the Nikkei’s list of losers, down 9.95%, followed by OKI Electric Industry, which fell 7.03%, and Trader Mitsui & Co, which fell 6.32%.

And all companies recorded disappointing earnings.

On the contrary, the biggest gainers were the percentage of companies that posted positive earnings. Advantest Corp rose 9.24%, followed by Sico Epson, which gained 6.83%, and Panasonic, which gained 4.94%.

Panasonic shares received another boost after the company announced that it would develop a new battery for Tesla to make electric vehicles.

20 stocks advanced on the Nikkei, against a decline of 201.