Corona Worries Keep Nikkei’s Profit Limited

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The Tokyo stock exchange improved slightly on Wednesday. Profits were limited by ongoing concerns about the corona situation in the country, where the Olympics will be held in July.

 

Despite the increasing resistance among the population, the government seems to want to continue the sporting event. However, Japanese newspaper Asahi Shimbun, an official partner of the Tokyo Olympics, called for the event to be cancelled due to the high risks to public safety and the pressure on healthcare.

The Nikkei in Tokyo went up 0.3 percent on the day at 28,642.19 points. Secondment company Recruit Holdings continued its advance thanks to strong results earlier this month, rising more than 3 percent to a new record level.

Internet company Z Holdings and technology group Panasonic were also among the strongest risers, with profits of more than 3 percent. The large steel producers Nippon Steel and Kobe Steel were in the tail group with more than 3 percent losses. Investors decided to take some profit in the steel sector, which has appreciated sharply this year.

The main indicator in Shanghai was 0.5 percent in the plus and the Hang Seng index in Hong Kong climbed 0.9 percent. Xiaomi won 0.5 percent in Hong Kong. According to the Chinese smartphone maker, an American court has decided that the company should be removed from the blacklist.

Previously, reports had already circulated that Xiaomi would be removed from that list. The United States Department of Defense put the company on its list of companies with close ties to the Chinese military in January.

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