Tokyo: Shares down more than 3.6% at close on virus fears

[TOKYO] Tokyo shares tumbled over 3.6 per cent at the close on Friday, extending losses for a fifth day after US and European sell-offs on worries over the economic impact of the coronavirus outbreak.

The Nikkei 225 dropped 3.67 per cent, or 805.27 points, to 21,142.96, while the broader Topix index lost 3.65 per cent, or 57.19 points, to 1,510.87.

European and US stock markets slumped painfully again on Thursday as coronavirus infections spread outside China, exacerbating fears of a global slowdown.

Wall Street took a beating, with major indices shedding more than four per cent in what is shaping up to be the US market's worst week since the 2008 financial crisis.

"Tokyo shares fell after the Dow dropped in its worst one-day point drop in history over fears of the spread of new virus infections and concerns over slump in earnings," Okasan Online Securities strategist Yoshihiro Ito said in a commentary.

A slew of Japanese economic data released early Friday signalled further headwinds.

Factory production in January edged up 0.8 per cent from December while the jobless rate rose to 2.4 per cent from 2.2 per cent in December, the first worsening in four months.

AFP