Japanese stocks close lower, Mitsubishi down 12.6%

Japanese stocks close lower, Mitsubishi down 12.6%

Japanese stocks closed lower today, with investors still wary ahead of the corporate results, while Mitsubishi Motors shares fell to an all-time low after the company announced weak quarterly results, according to Reuters.

The Nikkei fell 0.26 percent to 22657.38 points, while the broader Topix index lost 0.48 percent to 1569.12 points.

The index initially rebounded after the rise of technology stocks in the United States, hoping for more fiscal stimulus from Washington.

The market was hit by concerns about Corona, with Tokyo reporting 290 new cases of Covid-19.

Among the companies that announced their quarterly results on Monday, Mitsubishi Motors shares tumbled 12.64% to a record low level after the company announced poor sales in its main market in Southeast Asia and expected to suffer a huge loss in the current fiscal year.

Nissan Motor fell 4.63 per cent following a Bloomberg report that indicated the automaker would not spend annual profits in the current fiscal year.

The company, which is affiliated with Mitsubishi Motors, will announce its results after the market is closed.

Hitachi Construction shares fell 6.23 percent after disappointing results from April to June.