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Bargain hunters quietly defy coronavirus sell-off in Japan

Foreign-favorite blue chips Shin-Etsu and Makita make gains amid gloom

Stocks have typically rebounded within a month of a disease outbreak.   © Reuters

TOKYO -- While the world is on edge over the outbreak of the Chinese coronavirus, bargain hunters in Japan's stock market are following the adage that a crisis always holds an opportunity.

In a sign of this undercurrent, Shin-Etsu Chemical -- the world's leading supplier of PVC and silicon for chipmaking -- climbed more than 3% Friday. Power tool manufacturer Makita closed 11% higher while Fanuc, a maker of industrial robots, rose for the third straight session.

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