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Japanese shares closed lower for a third straight session on Tuesday after the CEO of Moderna Pharmaceuticals told the Financial Times that current COVID-19 vaccines are likely to be much less effective against the new mutant Omicron than previous mutated strains.
Japan’s Nikkei index fell 1.63 percent to 27,821.76 points, its lowest level since October 7, reversing earlier gains made hoping that Omicron would be less severe than the world feared.
The broader Topix index lost 1.03 percent to a three-month low of 1928.35 points.
Commenting on the new Omicron mutant and its rapid spread globally, US President Joe Biden said during press statements today, Monday, that the United States does not need a total closure or impose new restrictions during the next winter, despite the new Omicron mutant.
Spot gold rose 0.3 percent to $1,790.92 an ounce by 0730 GMT. US gold futures rose 0.4 to $1,792.90.
US Treasury yields fell six basis points to their lowest in two weeks, sending the dollar lower after markets adopted the view that the prolonged fight against the virus will undermine expectations about the pace of the Federal Reserve’s decision to raise rates in 2022.
