Japan Hunkers Down to Avoid the Virus, Boosting ‘Shut-In’ Stocks
- As virus spreads across Japan, companies promote telework
- FonFun, Phyz Holdings, Real World jump by daily limit
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As the coronavirus spreads in clusters around Japan, a country where workplace attendance has been seen as essential is slowly pivoting to accept working from home. That’s sending an array of stocks, catering to remote working, food delivery and e-commerce, to record highs.
A lone infected employee at Dentsu Group’s headquarters in Tokyo’s Shiodome has prompted the advertising giant to send 5,000 workers home, and led cosmetics major Shiseido Co., which occupies a neighboring building, to recommend 8,000 of its workers stay out of the office. On Wednesday, a person infected with the virus was confirmed to have been at the Shin Maru Building at the heart of the nation’s financial district.