Nikkei Drops to 3-Week Low as The New Virus Strain Affects Recovery Hopes

Japanese stocks tumbled to a three-week low today, Tuesday, as investors reaped profits after record gains over the past two months, amid fears that a new strain of the rapidly spreading Coronavirus discovered in Britain would undermine the speed of the global economic recovery.

The Nikkei fell 1.04%, the biggest loss in nearly a month, recording 2,6436 points, the lowest level at the close since late November. The index fell below its 25-day moving average for the first time since the rally following the US election in early November.

The broader Topix index fell 1.5% to 1,761 points, and all sub-indices of the 33 sectors closed lower.