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STOCKS-MARKETS-JAPAN
Tokyo stocks close lower on US losses
TOKYO, Aug 21, 2019 (BSS/AFP) – Tokyo stocks fell on Wednesday, tracking
losses on Wall Street as investors locked in profits following a three-
session winning streak.
The benchmark Nikkei 225 index slid 0.28 percent, or 58.65 points, to
close at 20,618.57 while the broader Topix index fell 0.61 percent, or 9.26
points, to 1,497.51.
“Today’s decline was mainly due to the US loss,” said Yoshihiro Okumura,
general manager at Chibagin Asset Management.
On Wall Street, stocks slid further on Tuesday after President Donald
Trump once again said he was not ready to reach a trade deal with China.
Brokers also said Tokyo investors cashed in on recent gains after Tokyo
shares rose for a third straight session.
In Europe, Italian Prime Minister Giuseppe Conte resigned after lashing
out at far-right Interior Minister Matteo Salvini for pursuing his own
interests by pulling the plug on the governing coalition.
The move leaves the eurozone’s third-largest economy in a political vacuum
until President Sergio Mattarella decides whether to form a new coalition or
call an election after talks with parties in the coming days.
“But the impact of Italy’s political confusion is likely to be limited on
the Japanese economy,” Okumura said.
“Now all eyes are on Jackson Hole,” Okumura added, referring to the
central bank’s annual symposium where US Federal Reserve Chairman Jerome
Powell is to give a speech.
In Tokyo trading, IT investor SoftBank Group dropped 2.85 percent to 4,796
yen and Nissan lost 1.52 percent to 659.1 yen.
But Uniqlo chain operator Fast Retailing climbed 1.21 percent to 63,470
yen.
The dollar traded at 106.48 yen in Asian afternoon trade, against 106.23
yen in New York Tuesday afternoon.
BSS/AFP/HR/1325