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Nikkei Lower After Uncertainty Over Tokyo Olympics

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The stock exchange in Japan closed slightly lower on Friday. Investors slowed down a little after the recent strong boom.

 

A media report that the Japanese government has decided to cancel the Olympic Games in Tokyo due to the corona pandemic caused some reluctance. The other major stock market indicators in the Asian region also showed losses predominantly.

The Nikkei in Tokyo started the weekend with a minus of 0.4 percent at 28,631.45 points. According to British newspaper The Times, the Olympic Games in the Japanese capital will be cancelled this year, and the government is now looking to see if they can be held in Tokyo in 2032. The Olympic Games in Tokyo were already postponed to 2021 last year due to the virus outbreak.

However, the Japanese government said in a response that the Games would continue this year. The Japanese advertising agency Dentsu Group, which is expected to benefit significantly from the Games’ advertisements, fell more than 1 percent.

The Hang Seng index in Hong Kong dropped 1.4 percent in the meantime. The Chinese oil company CNOOC lost 6 percent in Hong Kong. The index compiler MSCI announced that it would delete CNOOC from several essential indices.

The move follows former US President Donald Trump’s decision to blacklist the Chinese company for overly close ties to the Chinese military. The main index in Shanghai lost 0.5 percent, and the Kospi in Seoul lost a fraction.

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