Nikkei Closed Lower on Virus Fears But going to score Weekly Gains

Japan’s Nikkei index closed lower on Friday on concerns about the risks that a surge in COVID-19 cases in Tokyo posed to the prospects for a recovery in the world’s third-largest economy, but the index made weekly gains.

The Nikkei index lost 0.16% to 26,763.39 points, while the broader TOPIX index settled almost at 1,793.24 points.

The Nikkei and Topix indexes posted weekly gains of 0.41% and 0.63%, respectively.

There was concern in the market about the rise of the yen against the dollar, as the Japanese currency last traded at 103.41 yen, after falling to 102.88 yen overnight.

All three major indexes of US stocks closed at record highs on Thursday thanks to growing optimism about a stimulus bill aimed at mitigating the repercussions of the Corona virus.

Among the winning sectors, the non-ferrous metals sector rose 1.11%, supported by investor expectations of a higher demand for electric vehicle batteries.

Sony Corp. closed 2.3% higher, after hitting its highest level since October 2000 thanks to a stay-at-home demand.

Among decliners, Toyota Motor shares fell 1.11% as investors sold the stock to take profits after it rose to its highest level since August 2015 in the previous session.