Nikkei Hits 1-Week Low

Japanese stocks closed at their lowest level on Friday with the rise in the number of new Covid-19 cases and increased fears of impeding the path of economic recovery. At the same time, the market prepared for the profit-taking season.

Japan’s Nikkei fell 1.06% to 22,290.81, the lowest close since July 2, and the broader Topix index fell 1.42% to 1,535.20, lowest close since June 15.

The United States reported 60,500 new cases of Covid-19, the highest daily increase ever recorded, which raised concerns of a re-closure. Cases in Tokyo also continued to rise, with 243 new cases reported on Friday.