Japan Shares Drop on Tech companies’ And Pandemic Fears

Japanese stocks closed lower Friday, April 30, weighed by disappointing expectations for technology companies, while the rise in the frequency of Covid-19 infections in the country affected investor sentiment.

The Nikkei index fell by 0.83% to close at 28812.63 points, while the broader Topix index fell 0.57% to 1898.24 points.

Japanese technology stocks led the losses, as investors turned to the latest business results reports and sold shares of companies that failed to meet their high expectations for a strong recovery this year, analysts said.

Analysts said that investor concerns are also increasing about Covid-19, with the rise in new infections in Tokyo and Osaka even after the declaration of a state of emergency in the two cities earlier this week.

Tokyo had recorded 1,027 daily cases on Thursday, the highest level since January 18.