Tokyo stocks open lower for second day on virus fear
Tokyo stocks opened lower for the second straight day on fears over the widening coronavirus outbreak in China.
The benchmark Nikkei 225 index fell 0.87 percent or 204.21 points to 23,139.30 in early trade, while the broader Topix index was down 0.97 percent or 16.57 points at 1,686.00.
"Drops in the US market by a large margin on concerns over the spread of the new virus... accelerated risk-off sentiment, weighing on the Japanese market today again," Yutaka Masushima, market analyst at Monex, said in a commentary.
The virus, which can cause a pneumonia-like acute respiratory infection, has in a matter of weeks killed more than 80 people and infected some 2,740 in China, while cases have been identified in more than a dozen other countries.
The virus has caused global concern because of its similarity to Severe Acute Respiratory Syndrome (SARS), which killed hundreds across mainland China and Hong Kong in 2002-2003 and was also traced to the trade in wild animals.
Panicked investors in the global market fled risky assets for safer bets like gold, bonds and the yen, after China warned that the virus was spreading fast.
In early Asian trade, the dollar fetched 108.93 yen against 108.88 yen in New York late Monday. In Tokyo, exporters were lower across the board, with Sony sliding 0.95 percent to 7,790 yen, Nintendo trading down 0.94 percent at 42,000 yen and electronic parts maker Nidec down 2.73 percent at 14,275 yen.
On Wall Street, the Dow ended down 1.6 percent at 28,535.80. Hubei province authorities said they were calling off cultural performances and public cultural venues.
Travel agencies in the province have suspended business activities, and are no longer organising tour groups, authorities said in an announcement on Friday.
From 0400 GMT, the province will also stop operating online taxis and impose passenger restrictions on taxis on the roads. Naomi Osaka made a winning start to her title defence at the Australian Open on Monday as the Grand Slam tournament began on schedule after a build-up hit by haze from raging bushfires. Hazardous smog left severplayers with coughs and
al breathing difficulties during qualifying last week, prompting speculation about whether the tennis season's first Major would be delayed.
But a full roster of matches began on time under cloudy skies at Melbourne Park, with air quality rated as ' good' and rain forecast. Japan's Osaka was an early winner as she dismissed Marie Bouzkova of the Czech Republic 6-2, 6-4 in 80 minutes, breaking a net fitting with one powerful serve in the process.
"It was really tough for me trying to control my nerves," said Osaka. "It's tough to play someone you've never played before in the first round of a Grand Slam."
Defending men's champion Novak Djokovic will open his bid for an eighth title on Monday, while Serena Williams launches her latest attempt to match Margaret Court's record 24 Grand Slam crowns. Williams' elder sister, 39-year-old Venus, faces rising star Coco Gauff, 15, who is looking to reprise her upset of the seven-time Grand Slam winner at Wimbledon last year.
Swiss great Roger Federer, 38, plays America's Steve Johnson as he looks to keep ahead of his Big Three rivals by winning his 21st Grand Slam title.