Market Overview

Nikkei Takes Morning Plunge As Coronavirus Fears Grip Global Investors

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Nikkei Takes Morning Plunge As Coronavirus Fears Grip Global Investors

The Nikkei 225 index fell 4.13% to 21,042.10 on Friday morning as coronavirus fears gripped investors. 

What Happened

The fall in the Japanese markets came after Prime Minister Shinzo Abe announced strict measures to contain the Covid-19 epidemic, ordering all schools to be shut until the end of spring break in April.

Dow Jones Industrial Average led the Nikkei in losses closing 4.42% lower at 25,766.64. 

The Daily Mainichi, a leading Japanese media outlet, reported that confirmed Covid-19 infections in Japan had reached 900 as of Thursday, which includes the 700 from the cruise ship Diamond Princess moored in Yokohama.

Why It Matters

Global investors are increasingly worried about the economic impact of Covid-19 and its worldwide spread.

The Nikkei has fallen 6.5% in the preceding four days, while the Dow Jones has declined 2000 points in the past two days alone.

What Else Is There

According to Japanese economic data released on Friday, industrial output rose by 0.8% in January on a month-on-month basis, while retail sales fell 0.4% in January 2019. The fall is lower than had been expected by analysts, according to Reuters.

The seasonally adjusted unemployment rate grew to 2.4% in January over 2.2% in December 2019.

 

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