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By Sam Byford
TOKYO, July 12 (Reuters) – Japanese stocks fell on Tuesday as emerging domestic cases of COVID-19 raised fears of a recession and triggered a morning sell-off.
The Nikkei stock average closed down 1. 77% at 26,336. 66, after the previous 1. 99% in the session.
The broadest Topix index is 1. 64%.
Stocks had risen on Monday, beating the rest of the region as the Japanese government’s ruling coalition pulled off a solid result in the weekend’s space election.
The Nikkei was down 2. 68% from Monday’s high of 27,062. 17 and 0. 68% since Friday’s close, when markets were rocked by the shooting of former Prime Minister Shinzo Abe.
A domestic stock broker said the market had been overbought in the last consultation despite the absence of positive external factors.
“The peak of COVID-19 has increased fears of a global recession,” said a market player at a national securities firm.
“Given this situation, Japanese stocks, which are largely sensitive to the economy, will inevitably weaken. “
Japan reported 54,993 cases on Monday, according to official data, up from 16,791 the previous week.
Of the 225 parts of the Nikkei, 206 fell, 3 were flat and 16 won.
Technology and production weighed on the index, with electronics maker TDK falling the most, down 5. 14%.
Industrial robotics brands Fanuc Corp and Yaskawa Electric Corp also posted losses, as did SoftBank Group Corp and Casio Computer Co Ltd.
Each Nikkei sector lost value, with utilities recording the smallest losses at 0. 07%. Kansai Electric Power Co Inc gained 1. 09%, the second-highest figure of all parts of the index.
The food company Nippon Suisan Kaisha Ltd was the most productive company, with an increase of 2. 74%.
Video game Konami Group Corp and Nintendo Co Ltd also posted gains, up 0. 67% and 0. 42%, respectively. (Reporting via Sam Byford and the Tokyo Markets team; editing via Rashmi Aich)