Japan shares drop to 1-1/2-week low on GDP contraction, coronavirus worries [Reuters]
ORIENTAL LAND CO LTD ADR (OLCLY)
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Source: Reuters
Japan shares drop to 1-1/2-week low on GDP contraction, coronavirus worries TOKYO, Feb 17 (Reuters) - Japanese stocks slid to a 1-1/2-week low on Monday, hurt by a worse-than-expected economic contraction in the December quarter, while worries about the business impact of the coronavirus epidemic continued to weigh on the market. The Nikkei average declined 0.7% to 23,523.24 points, its lowest closing since Feb. 5, while the broader Topix ended down 0.9% at 1,687.77, also a 1-1/2-week low. All but two of the 33 sector sub-indexes on the Tokyo Stock Exchange were trading lower, with air transport, foods and metal products being the worst three performers. Japan’s economy contracted at an annualised pace of 6.3% in the October-December period, data showed on Monday, shrinking at the fastest pace in almost six years and raising the risk it could again slide into recession. Economists’ median estimate was for a 3.7% contraction. “We all knew that the figures were going to be weak, but the
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