Tokyo: Tokyo shares closed barely decrease on Wednesday, giving up early positive factors within the absence of recent shopping for pegs whereas worries over US-China commerce frictions persevered.
The benchmark Nikkei 225 index inched down 0.08 p.c or 18.43 factors to 22,644.31 whereas the broader Topix index additionally slipped 0.08 p.c or 1.34 factors to 1,744.71.
The Tokyo market opened greater with sentiment lifted by positive factors on Wall Street because of sturdy US company outcomes.
But the market later sank as merchants hunted in useless for recent shopping for alternatives.
“The current positive factors include higher US stock prices driven by the advances of mega tech companies such as Apple,” stated Mutsumi Kagawa, chief international strategist at Rakuten Securities.
“The main damper is the US-China trade row,” he informed AFP.
“For now there is concern over how this will develop,” he stated, including a deal might nonetheless be struck regardless that the world’s two largest economies proceed to verbally assault one another.
The US Trade Representative introduced Tuesday that the primary spherical of President Donald Trump’s 25-percent punitive tariffs on China would hit $50 billion in items beginning August 23.
Tokyo buyers can even be more and more cautious forward of US-Japan commerce talks in Washington on Thursday, analysts stated.
Panasonic, which provides batteries to Tesla, closed down 0.62 p.c at 1,441.5 yen, giving up positive factors after Tesla chief Elon Musk hinted at taking the electrical automotive maker non-public.
SoftBank Group, an lively investor within the IT sector, rallied 4.77 p.c to 10,530 yen following positive factors in expertise shares on Wall Street.
Cosmetic maker Shiseido tumbled 4.40 p.c to 7,548 yen as its annual revenue steerage fell in need of market expectations.
The greenback was buying and selling at 111.24 yen in opposition to 111.37 yen in New York on Tuesday afternoon.