July 29, 2020 / 3:36 AM / 11 days ago

Nikkei dips as yen firms, earnings disappoint

TOKYO, July 29 (Reuters) - Japanese shares extended losses on Wednesday as a stronger yen and dismal earnings reports hurt sentiment, while Canon Inc slid to a near 21-year low on its first quarterly loss.

The Nikkei share average fell 0.79% to 22,479.05, with 44 advancers and 176 decliners on the index.

The broader Topix lost 0.86% to 1,555.65. All but five of 33 sector sub-indexes on the Tokyo exchange traded in the red.

The safe-haven yen stood firm, denting market sentiment, as the dollar remained weak on pessimism over a quick economic recovery. The Japanese yen rose as high as 104.955 to the dollar in the previous session, hitting an over 4-month high.

Earnings results from several Japanese firms on Tuesday also highlighted the toll the coronavirus outbreak is taking on the economy.

Canon Inc dived 13.14% to its lowest level since March 1999 after the camera and printer manufacturer reported its first ever quarterly loss.

Nissan Motor slipped 9.47% after the automaker warned of a record operating loss this year and its lowest sales in a decade.

Fanuc Corp dropped 7.16% after the factory automation company forecast its operating profit to decline for the fiscal year.

Meanwhile, Omron added 2.15%, having touched a record high early in the session, after the electronics maker reported upbeat April-June earnings.

Elsewhere, Laox Co Ltd, a Japanese electronics retailer controlled by Chinese electronics retail giant Suning Appliance Co Ltd, lost 6.29% after the firm said it would shut down half of its stores as the coronavirus outbreak kept away tourists.

McDonald’s Holdings Company Japan dropped 8.08% after McDonald’s Corp said it planned to reduce stake in Japan. (Reporting by Eimi Yamamitsu; Editing by Vinay Dwivedi)

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