Asian shares mixed, Tokyo lower as Wall Street rally fades

Bangkok

Shares were mixed in Asia on Thursday after a 3.4% gain on Wall Street overnight as investors chose a positive focus for data about the coronavirus outbreak’s trajectory.

Japan’s Nikkei 225 index lost 0.4% after the central bank governor said the economy faces “extremely high” uncertainty over the likely impact of the pandemic. Shares rose in Hong Kong, Sydney and Shanghai, The Associated Press (AP) reported.

Recent upward swings in markets have dwarfed declines amid signs that deaths and infections may be nearing a peak or plateau in some of the world’s hardest-hit areas.

That’s led some investors to begin looking to the other side of the economic shutdown that is gripping the world as authorities try to slow the spread of the coronavirus. The S&P 500 has jumped nearly 23% in the last two and a half weeks, building on earlier gains driven by massive amounts of aid promised by governments and central banks for the economy and markets.

“Risk assets continued to rally on the perception that the global economy will open up again quicker than expected,” Stephen Innes of AxiCorp said in a commentary.