TOKYO (dpa-AFX) - The Japanese stock market is sharply lower while the safe-haven yen strengthened on Monday following the sell-off on Wall Street Friday amid concerns about the rapid spread of the coronavirus outbreak and its impact on the global economy. China's health officials said the death toll related to the coronavirus has risen to 361, while there are 17,205 confirmed cases.
The benchmark Nikkei 225 Index is losing 370.65 points or 1.60 percent to 22,834.53, after falling to a low of 22,775.92 in early trades.
Market heavyweight SoftBank Group Corp. is declining 1 percent and Fast Retailing is losing more than 4 percent.
Among tech stocks, Advantest is lower by more than 4 percent and Tokyo Electron is declining more than 3 percent.
The major exporters are lower on a stronger yen. Panasonic is losing more than 2 percent and Sony is declining more than 1 percent. Mitsubishi Electric and Canon are lower by almost 1 percent each.
Among auto stocks, Toyota Motor is declining more than 1 percent and Honda Motor is down almost 1 percent.
In the oil sector, Japan Petroleum and Inpex are lower by more than 1 percent each after crude oil prices declined on Friday.
Among the other major gainers, Ajinomoto is gaining more than 6 percent and Toto is rising more than 3 percent. Seiko Epson, Fujitsu and Chugai Pharmaceutical are higher by more than 2 percent each.
On the flip side, Unitika is losing almost 6 percent, while Toyota Tsusho, Isetan Mitsukoshi, Kawasaki Kisen Kaisha, Nippon Sheet Glass and Alps Alpine are lower by more than 5 percent each.
The manufacturing sector in Japan continued to contract in January, albeit at a slightly slower rate, the latest survey from the IHS Markit revealed on Monday with a manufacturing PMI score of 48.8. That's up from 48.4 in December, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
In the currency market, the U.S. dollar is trading in the mid 108 yen-range on Monday.
On Wall Street, stocks closed sharply lower on Friday amid lingering concerns about the coronavirus outbreak, as the death toll from the disease continues to rise. Chinese officials said 213 people have died from the coronavirus, while the number of confirmed cases has risen to more than 9,800. The U.K. and Russia have also confirmed their first cases of coronavirus infection, raising concerns about the rapid spread of the disease and the impact on the global economy.
The Dow plummeted 603.41 points or 2.1 percent to 28,256.03, the Nasdaq tumbled 148.00 points or 1.6 percent to 9,150.94 and the S&P 500 plunged 58.14 points or 1.8 percent to 3,225.52.
The major European markets also moved to the downside on Friday. While the French CAC 40 Index slumped by 1.1 percent, the U.K.'s FTSE 100 Index and the German DAX Index both tumbled by 1.3 percent.
Crude oil futures drifted lower on Friday, weighed down by growing concerns about outlook for energy demand due to the rapidly spreading coronavirus' potential impact on the global economy. WTI crude for March delivery slid $0.58 or about 1.1 percent to $51.56 a barrel.
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