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  • Japan share market finished lower for sixth straight session on Friday, 31 July 2020, as risk aversion selloff continued on following the mostly negative cues overnight from Wall Street after dismal U.S. data. Meanwhile, market extended losses on safe-haven yen appreciation against greenback and fear of state of emergency declaration in the Japans capital after the resurgence of Covid-19 cases.

    At closing bell, the 225-issue Nikkei Stock Average dropped 57.88 points, or 0.26%, to 22,339.23, extending its losing streak for a fifth trading day. The broader Topix index of all First Section issues on the Tokyo Stock Exchange declined 9.57 points, or 0.62%, at 1,539.47.

    All 33 industry category of Topix index fell into negative territory, with Rubber Products, Marine Transportation, Mining, Pulp & Paper, Iron & Steel, Metal Products, and Insurance issues being notable losers.

    Japanese markets started trading with weak sentiment as the US Dow dropped more than 220 points and the yen is firmer against the dollar. Market extended losses in the afternoon as Tokyo Governor Yuriko Koike warned that Japans capital could declare a state of emergency if the coronavirus situation deteriorated further, after fresh infections jumped by a record daily high of 463.

    Shares of Advantest Corp plunged 14.93% at a daily-limit low, after the semi-conductor firm announced a 23.3% drop in its operating profit forecast for the year through March.

    Panasonic Corp dropped 13.29% after the company said it expects annual profit to halve this financial year.

    ECONOMIC NEWS: Japan Industrial Production Up 2.7% On Month In June- Japan industrial output was up a seasonally adjusted 2.7% on month in June, the Ministry of Economy, Trade and Industry said on Friday, following the 8.9% decline in May. On a yearly basis, industrial production sank 17.7%, following the 26.3% contraction in the previous month. Industries that contributed to the monthly increase included motor vehicle, production machinery and plastic products, offset by weakness from chemicals, paper and other manufacturing.

    Upon the release of the data, the METI upgraded its assessment of industrial production, saying that it has bottomed out and shows signs of picking up movement. Shipments were up 5.2% on month and down 16.3% on year, while inventories fell 2.4% on month and 3.4% on year. The inventory ratio sank 7.0% on month but surged 22.7% on year. According to the METIs Survey of Production Forecast, output is expected to rise 11.3% on month in June and 3.4% in August.

    Japan Unemployment Rate Dips To 2.8% In June- Japan unemployment rate came in at a seasonally adjusted 2.8% in June, the Ministry of Internal Affairs and Communications said on Friday, down from 2.9% in May. The job-to-applicant ration fell to 1.11, down from 1.2 in the previous month. The number of employed persons in June was 66.70 million, a decrease of 770,000 from the previous year. The number of unemployed persons in June was 1.95 million, an increase of 330,000 from the previous year.

    CURRENCY: The Japanese yen traded at 104.35 per dollar after strengthening from levels above 105.3 against the greenback this week.

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