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Japan's second COVID emergency sinks retail and transport stocks

Investors retreat as greater Tokyo's infections spiral out of control

Shares in retailers, restaurant chains and railway operators have begun the year on a slide as the Tokyo area prepares to come under a state of emergency. (Source photos by Arisa Moriyama and Kohnosuke Urata)

TOKYO -- Japan's stock market is heading toward a repeat performance from last spring as the country prepares for another COVID-triggered state of emergency, the declaration for which is expected to come on Thursday, nine months to the day since the central government issued its initial "soft lockdown."

Investors have spent the week rushing to sell stocks in sectors like transportation, retail, food and beverages, all likely to be negatively impacted by the state of emergency, which is initially expected to last a month, covering Tokyo and its neighboring prefectures of Chiba, Kanagawa, and Saitama.

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