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Surprising stocks see windfall as Japan tops Olympic medal table
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2 Min Read
TOKYO, July 15 (Reuters) - Japanese stocks sank on Thursday, dragged by caution ahead of corporate earnings season and a surge in COVID-19 cases a week before the Tokyo Olympics get underway.
The Nikkei share average dropped 0.9% to 28,343.83 by the midday break, with the broader Topix sliding about the same margin to 1,946.37.
Tokyo reported 1,149 new infections on Wednesday, the most since mid-January, despite a new state of emergency that began on Monday and runs through Aug. 22. Many worry that the influx of foreign athletes and Olympic officials could also trigger another surge in cases.
“Infections are still going up, and the Olympics is just about to start, which is making investors cautious,” said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.