Japanese Stocks Fall Over ‘State Of Emergency’ In Tokyo Ahead Of Olympics

• ByStartupStory     |    July 9, 2021

 Japanese stocks fall over ‘state of emergency’ as announced by Prime Minister Yoshihide Suga as the number of Covid cases continue to rise there and Olympics dates drawing nearer. According to news agency Reuters, the Nikkei share average slipped 0.88% to 28,118.03, its lowest close in over two weeks. The broader Topix, on the other hand, was down 0.90% at 1,920.32. Brokers pointed out on Thursday that the stocks faced selling pressure from the outset with an impending state of emergency in Tokyo clouding the outlook. A report by The Mainichi on Thursday said that the decline was led by consumer credit issues, mining and air transportation. For Tokyo, it will be the fourth time an emergency has been declared , it will come into effect from July 12 and remain in force till August 22. Prime Minister Suga said on Thursday that this state of emergency is the requirement of the hour to stop further spread covid, and to hold the Olympics seamlessly. 

The Olympics will start from 23 July and continue till August 8, it will have no international spectators and citizens will be asked to watch the game on television without stepping out. Neighbouring prefectures of Saitama, Chiba and Kanagawa, which continue to be under a quasi state of emergency, will also hold spectator-less events, organisers told Bloomberg late on Thursday. However, some regions such as Fukushima and Miyagi, situated north east of Tokyo, will be permitted to have limited spectators. “It’s the government’s responsibility to ensure a safe and secure Olympics,” PM Suga told reporters and added the administration would ensure safety, and will put all possible means of precautions. Tokyo reported 920 cases on thursday which is the highest single day spike since May 13 this year, and therefore such a means was inevitable. 

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