[TOKYO] Tokyo stocks closed lower on Monday as investors weighed rising coronavirus infections against the positive effects of new US and Japanese stimulus packages.
The benchmark Nikkei 225 index fell 0.18 per cent, or 48.97 points, to 26,714.42, while the broader Topix index was down 0.23 per cent, or 4.19 points, at 1,789.05. Shortly before the Tokyo market opened, US lawmakers reached a deal for a nearly US$900 billion Covid-19 relief package for millions of Americans as the nation struggles with the world's largest outbreak of the virus.
At home, Japan's government approved a record US$1 trillion budget for the next fiscal year, including measures to mitigate the economic impact of the pandemic. The US deal is"prompting purchases, but concerns over a rise in new coronavirus infections at home and abroad are weighing on the market", Mizuho Securities said.