Japan Stocks Tumble on Profit-Taking Selling And Pandemic Fears

Japanese stocks fell Thursday, May 27, as investors trimmed their positions after a recent increase, in light of a possible extension of emergency measures linked to Covid-19, which raised concerns about the growth of the local economy.

The Nikkei index trimmed its losses during the day, closing down 0.33% to 28,549.01 points, halting a 5-day winning streak of 2.1%. The broader Topix index fell 0.5% to 1911.02 points.

Japan, which is set to host the postponed Tokyo 2020 Olympics in July, is struggling to contain the fourth wave of infections.

Shares of steel makers and shipping companies led today’s losses, as the two sectors lost 2.6% and 2.3%, respectively, while air carriers’ shares achieved the largest gains in the stock market, gaining 2.3%.