Shares of Japanese telecommunications firms were closely watched following a recent shakeup in the sector, with Nippon Telegraph and Telephone Corporation (NTT) set to take over its telecommunications unit, NTT Docomo.
Shares of NTT fell 2.8% in Wednesday trade while NTT Docomo surged 20.82%. Meanwhile, shares of NTT Docomo’s mobile peers were mixed — SoftBank Corp dropped 1.6% while KDDI recovered from its earlier slip to rise fractionally.
The move by NTT comes as new Japanese Prime Minister Yoshihide Suga calls on wireless carriers to reduce prices with the hope that the savings generated will stimulate consumer spending elsewhere in the economy.
Meanwhile, the fiery first U.S. presidential debate between incumbent President Donald Trump and Democratic nominee Joe Biden could also have weighed on investor sentiment, with the two constantly exchanging sharp remarks in a face-to-face challenge.
In coronavirus developments, Regeneron said its REGN-COV2 drug reduced viral levels and improved symptoms in non-hospitalized coronavirus patients.