Tokyo: Stocks end lower

[TOKYO] Japanese stocks closed lower on Friday, with the Topix index dragged lower by financial stocks and Toyota Motor's retreat from a record high.

The broader Topix index ended 0. per cent lower at 1,946.56, while the relatively tech-heavy Nikkei share average shed 0.2 per cent to close at 28,964.08.

"The market has been unsettled all week and it will be difficult to decide how to allocate money going forward as the direction of the US rates remain unclear," said Soichiro Matsumoto, chief investment officer Japan at Credit Suisse Private Banking.

Meanwhile, Japan may hold the Olympics with spectators despite opposition from medical experts, raising concerns that the Summer Games could spark another surge in Covid-19 infections.

The president of the Tokyo 2020 organising committee wants to allow up to 10,000 spectators for Olympic stadiums, local media reported.

"The Olympics is making the Japanese market's outlook unclear, which is why the market has failed to catch up with those in the US and Europe," Mr Matsumoto said.

REUTERS