Japanese stocks closed lower on Friday, April 23, as tighter government restrictions to contain COVID-19 infections raised concerns about the economy’s recovery, while disappointing expectations from nedec reinforced the cautious atmosphere at the start of the corporate earnings announcements season.<\/p>\n\n\n\n
The Nikkei index fell 0.57% to close at 29020.63 points, while the broader TOPIX index lost 0.39% to 1914.98. The two indices are down more than 2% each this week.<\/p>\n\n\n\n
Japan, which is facing difficulties to contain a new spike in Coronavirus infections, plans to declare a “short and strong” state of emergency in Tokyo and other large cities from April 25 to May 11.<\/p>\n\n\n\n
The government will require restaurants, bars and karaoke lounges that serve alcohol to close, and major sporting events to be held without an audience.<\/p>\n\n\n\n
Nedec, which makes the micro-drives used in hard drives for computers and smartphones, slumped 5.12% after its annual forecast for the current fiscal year came below the median forecast of analysts.<\/p>\n\n\n\n
Japanese stocks were also pressured by the weaker Wall Street performance overnight by reports that US President Joe Biden intends to nearly double the capital gains tax.<\/p>\n\n\n\n
Technology stocks declined, as Tokyo Electron lost 1.45%, Fanuc fell 3.05%, and Advantest fell 1.25%.<\/p>\n\n\n\n
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