(RTTNews) – The Japanese stock market is significantly lower on Friday, recouping some of the losses from early deals, with the benchmark Nikkei 225 above the 29,000 mark, following broadly negative cues overnight from Wall Street on reports US President Joe Biden plans to almost double the capital gains tax. Continuing concerns about the spike in daily domestic coronavirus infections and the possibility of lockdowns are also weighing on the market.

According to media reports, Japan reported a nationwide tally of more than 5,000 new cases for a second consecutive day on Thursday as the highly contagious variants drive a fourth wave of infections. The Japanese government is set to declare a state of emergency in Tokyo and the 3 western Japan prefectures of Osaka, Kyoto and Hyogo on Friday.

The benchmark Nikkei 225 Index is losing 160.16 points or 0.55 percent to 29,028.01, after hitting a low of 28,770.62 in early trades. Japanese shares closed sharply higher on Thursday.

Market heavyweight SoftBank Group is down almost 1 percent and Fast Retailing is edging down 0.5 percent. Among automakers, Honda is losing almost 1 percent and Toyota is down more than 1 percent.

In the tech space, Advantest and Tokyo Electron are losing almost 2 percent each, while Screen Holdings is losing almost 4 percent. In the banking sector, Mitsubishi UFJ Financial is flat and Sumitomo Mitsui Financial is edging down 0.2 percent.

The major exporters are mixed. Mitsubishi Electric and Panasonic are losing almost 1 percent each, while Canon is edging up 0.1 percent and Sony is gaining 1 percent.

Among the other major losers, Komatsu, Z Holdings and Sieko Epson are losing almost 3 percent each, while Sumco, Nissan Chemical, Nippon Steel, Showa Denko and Tosoh are down more than 2 percent each.

Conversely, ANA Holdings is gaining almost 3 percent, while Sumitomo Realty, Central Japan Railway, Isetan Mitsukoshi and Takashimaya are up almost 2 percent each.

In economic news, consumer prices in Japan were down 0.2 percent on year in March, the Ministry of Internal Affairs and Communications said on Friday – following the 0.4 percent

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