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Japan stock rally hits speed bump on China COVID wave concerns

Japan Airlines and Tokyo Disney operator slump amid doubts about tourism recovery

Shares in Tokyo Disneyland operator Oriental Land fell as much as 6% at one point on May 24. (Photo by Taro Saeki)

TOKYO -- Japanese stocks tied to foreign tourism dragged down the Nikkei Stock Average on Wednesday as worries about a new wave of COVID-19 cases in China dampened expectations for a post-pandemic rebound.

The benchmark index closed 1% lower at 30,682. Blue-chip stocks like Japan Airlines slumped, with Tokyo Disney Resort operator Oriental Land down 6% at one point. The retail sector performed notably poorly. Department store operators Isetan Mitsukoshi Holdings and Takashimaya fell as much as 5% and 4%, respectively. 

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