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Nikkei 225 Off 0.8% In Profit-Taking, China Rout, Tokyo Covid-19 Outlook

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Last updated: 07/16/2020 05:59:20

05:59 AM EDT, 07/16/2020 (MT Newswires) -- The Nikkei 225 opened lower Thursday and slumped in trading, finishing down 0.8% as investors booked profits from recent gains, mulled a same-day 4.5% plunge in Shanghai's stock market and weighed a COVID-19 spike in Tokyo. The Tokyo Metropolitan Government reported 286 new virus cases on Thursday, a record daily high.

The Nikkei 225 fell 175.14 to 22,770.36, although gaining issues outnumbered losers 126 to 96,

Leading the upside on a mixed day were Nissan Motor (NSANY, 7201:Tokyo), up 6.1%, followed by airline ANA (ALNPY, 9292:Tokyo), up 5.7%, and then electrical-equipment maker Fujikura (5801:Tokyo), up 4.9% after a Mitsubishi UFJ Morgan Stanley Securities price target upgrade.

On the downside were the former Yahoo Japan, Z Holdings (YAHOY, 4687:Tokyo), off 4.5%, and then Chugai Pharmaceuticals (CHGCY, 4519:Tokyo), off 4.3%.

In economic news, Japan's economy will likely shrink 4.7% in the 12 months through March 2021, and inflation will post at 0.5%, due to COVID-19 lockdowns and the global recession, the Bank of Japan predicted on Wednesday.

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