Japan Stocks Close Lower, Softbank Jumps 11%

Japanese stocks closed lower Thursday, December 10, as the Brexit crisis and political squabbling over fiscal stimulus in the United States pressured investor sentiment around the world, while market heavyweight Softbank Group jumped to its highest level in more than 20 years thanks to the inclusion of Doordash.

Softbank rose nearly 11% after the tech giant made $ 11.2 billion in the value of its stake in Doordash after the successful initial public offering of the US food delivery app in the market on Wednesday.

Nikkei’s benchmark index fell 0.23% to 26,756.24 points, down from the 29-year-old peak recorded in the previous session, and down for a fourth session in five sessions. The broader Topix index fell 0.18 percent to 1,776.21 points.

US lawmakers approved a temporary government funding bill on Wednesday, but were unable to resolve their differences over state and local government aid that impedes a wider spending package.

On the Brexit front, the British Prime Minister and the President of the European Commission gave themselves an opportunity that expires within the next few days to conclude a new trade agreement.