Japan’s Nikkei share average suffered its biggest fall in two months
on Wednesday, as comments from U.S. President Donald Trump rekindled
worries about trade friction, hurting steelmakers and shippers among
others.
The Nikkei tumbled 1.2 percent to 22,690, after sliding to 22,650 earlier, the weakest intraday level since May 11.
Trump on Tuesday said he was not pleased with recent trade talks between the United States and China, checking hopes that the world’s two biggest economies were on course to hammer out a deal.
U.S. Treasury Secretary Steven Mnuchin has earlier said that trade war is “on hold”, sending the
Nikkei over the psychologically important 23,000 level on Monday.
Trump’s latest remarks followed Beijing’s announcement that it would cut import tariffs for automobiles and car parts.
Shippers were under pressure, with Mitsui OSK Lines and Kawasaki Kisen dropping 2.8 percent and 2.9 percent, respectively.
Steelmakers fell 1.4 percent, with JFE Holdings shedding 3.5 percent.
The broader Topix skidded 0.7 percent to 1,797, with small shares outperforming large cap shares.
Topix Small eased 0.1 percent, compared to a 0.9 percent fall in Topix Core 30. So far this week, the
Topix Small is down 0.2 percent whereas the top 30 firms are down 1.4 percent.
Trump on Tuesday said he was not pleased with recent trade talks between the United States and China, checking hopes that the world’s two biggest economies were on course to hammer out a deal.
U.S. Treasury Secretary Steven Mnuchin has earlier said that trade war is “on hold”, sending the
Nikkei over the psychologically important 23,000 level on Monday.
Trump’s latest remarks followed Beijing’s announcement that it would cut import tariffs for automobiles and car parts.
Shippers were under pressure, with Mitsui OSK Lines and Kawasaki Kisen dropping 2.8 percent and 2.9 percent, respectively.
Steelmakers fell 1.4 percent, with JFE Holdings shedding 3.5 percent.
The broader Topix skidded 0.7 percent to 1,797, with small shares outperforming large cap shares.
Topix Small eased 0.1 percent, compared to a 0.9 percent fall in Topix Core 30. So far this week, the
Topix Small is down 0.2 percent whereas the top 30 firms are down 1.4 percent.
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