TOKYO, June 18 (Reuters) - Japanese stocks closed lower on
Friday, with the Topix index dragged lower by financial stocks
and Toyota Motor's retreat from a record high.
The broader Topix index ended 0.9% lower at
1,946.56, while the relatively tech-heavy Nikkei share average
shed 0.2% to close at 28,964.08.
"The market has been unsettled all week and it will be
difficult to decide how to allocate money going forward as the
direction of the U.S. rates remain unclear," said Soichiro
Matsumoto, chief investment officer Japan at Credit Suisse
Meanwhile, Japan may hold the Olympics with spectators
despite opposition from medical experts, raising concerns that
the Summer Games could spark another surge in COVID-19
The president of the Tokyo 2020 organising committee wants
to allow up to 10,000 spectators for Olympic stadiums, local
"The Olympics is making the Japanese market's outlook
unclear, which is why the market has failed to catch up with
those in the U.S. and Europe," Matsumoto said.
Eisai jumped 5.9% after the drugmaker and
Bristol-Myers Squibb entered into an agreement worth up
to $3.10 billion to jointly develop and market an experimental
Medical platform services firm M3 jumped 3.4% and
medical equipment maker Terumo rose 1.3%.
Toyota Motor fell 3.9% after hitting a record high this
Among sectors, insurers slid 3.4% and banks
Shipping was the biggest decliner, falling 6.7%
after surging over the past three months.
(Reporting by Junko Fujita, additional reporting by Kevin
Buckland; editing by Uttaresh.V)