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Japanese stocks fell on Tuesday, as a batch of corporate business results fell short of ambitious investor expectations for a solid earnings recovery, as Japan struggled to contain the Covid-19 pandemic.
The Nikkei index fell 0.46% to 28,991.89 points, while the broader Topix index fell 0.76% to 1,903.55 points.
The market showed no reaction to the central bank’s decision to keep policy unchanged, which was widely expected.
The results proved to be pressure on the market after the Nikkei rose earlier in the year to a three-decade high, hoping for a return to normal economic conditions in the fiscal year that began in April.
Dai-ichi Sankyo shares fell 3.5% after the drugmaker’s forecast fell below what it had expected for the current fiscal year, which ends in March.
Holic lost 4.4% after the real estate developer came in below expectations.
Even the companies that achieved relatively strong profits and positive surprises were not spared from the decline, as Canon’s shares, which produce cameras and medical equipment, failed to maintain their early gains.
The stock fell 1.3% despite the fact that its annual operating profit was higher than market expectations.
