TOKYO, April 30 (Reuters) - Japanese shares fell on Friday
as lacklustre earnings reports and profit forecasts from
technology firms, and a spike in domestic infections of the
novel coronavirus weighed on investor sentiment.
The Nikkei 225 Index was down 0.46% at 28,920.24, as
of 0200 GMT, while the broader Topix edged 0.07% lower
Japanese tech stocks led the declines as investors sifted
through latest earnings reports and sold shares of companies
that failed to live up to their lofty expectations for a robust
rebound this year, analysts said
Investors are also growing more worried about COVID-19,
because new infections in Tokyo and Osaka are rising even after
the declaration of a state of emergency for the two cities at
the start of this week, analysts said.
"The earnings coming in so far have not justified the
massive rally in stocks from last year, so the upside is
limited," said Ayako Sera, a market strategist at Sumitomo
Mitsui Trust Bank.
"Britain and the United States have shown that vaccinations
lead to a resumption of economic activity, but unfortunately
Japan is lagging behind."
Z Holdings Corp fell 6.99% after the search engine
operator and Internet advertiser's profit forecasts for the
current fiscal year disappointed some investors who expected
more benefits from its merger last month with Line, which is
Japan's most popular messaging app.
Sony Group Corp lost 6.44% after the maker of the
PlayStation gaming console said it expects profits to fall as
stay-at-home demand wanes.
Murata Manufacturing Co also fell 3.79% after the
electronic parts maker's forecasts also missed analysts'
One exception to the declines in the tech sector was
CyberAgent Inc. Shares of the mobile phone game
operator surged by 15.08% after the company raised its earnings
(Reporting by Stanley White; editing by Uttaresh.V)