Asian shares mostly declined Thursday after stock indexes shuffled lower on Wall Street.
Japan's benchmark Nikkei 225 dipped 0.3% to finish at 29,598.66, although it had momentarily picked up after major business daily Nikkei reported Prime Minister Fumio Kishida will propose Friday a government stimulus package totaling a record 55.7 trillion yen . The rally quickly ran out of steam as more sobering concerns, such as the coronavirus pandemic, weighed in.
Recent government data have shown the coronavirus pandemic continues to hurt the Japanese economy. A supply crunch in chips and other parts needed to produce autos, a mainstay of the world's third-largest economy, is one reason. Investors are also watching the Bank of Korea policy-setting meeting scheduled for next week for whether the central bank will raise its key rate. Policymakers have hinted at such a move.
Stocks have been powering mostly higher over the last month as companies have widely reported much stronger profits for the summer than analysts expected.
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