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Tokyo stocks fell Tuesday as hopes for concerted monetary and fiscal actions by the world’s seven major economies to fend off the adverse effects of the coronavirus outbreak disappeared.

The Nikkei 225 average plunged 261.35 points, or 1.22 percent, to end at 21,082.73. On Monday, the key index soared 201.12 points.

The Topix, which covers all issues on the first section of the Tokyo Stock Exchange, closed 20.75 points, or 1.36 percent, lower at 1,505.12 following a 15.00-point jump Monday.

The TSE got off to a robust start after the Dow Jones Industrial Average marked its biggest single-day point gain Monday amid growing hopes that the Federal Reserve and central banks in other major countries, such as the Bank of Japan, the European Central Bank and the Bank of England, would collaborate in taking easing measures.

Investors rushed to buy back stocks in anticipation of the finance ministers and central bank chiefs of the Group of Seven advanced economies announcing coordinated easing and pump-priming measures after an emergency teleconference expected to be held later Tuesday to discuss ways to cope with the coronavirus crisis, brokers said.

But after the initial buy orders were executed within roughly the first five minutes of trading, the market headed south and sank deeper into negative territory in the afternoon following a media report that a G7 statement to be issued after the teleconference would not stipulate coordinated easing or fiscal stimulus, brokers said.

The G7 groups Japan, the United States, Britain, France, Germany, Italy and Canada.

“The rally was short-lived” because pandemic fears over the virus persisted, said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management Co.

“Even if interest rates are actually lowered and fiscal measures are taken, such actions cannot prevent the virus from spreading further, but merely soften its impact” on the global economy, he added.

On the first section, falling issues outnumbered rising ones 1,938 to 189 while 35 issues were unchanged. Volume fell to 1.764 billion shares from 2.035 billion Monday.

Department store operators including Isetan Mitsukoshi and Takashimaya succumbed to selling stemming from sharp drops in their same-store sales in February due to the spread of the coronavirus.

H.I.S. plunged 9.21 percent as investors were dismayed by the travel agency’s new earnings estimate for the current business year through October indicating that the firm would suffer the first operating loss since its exchange listing.

Other major losers were chip-testing device manufacturer Advantest and insurer Tokio Marine.

On the other hand, winners included textile maker Teijin and technology investor SoftBank Group.

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