ZCZC
BCN-35
STOCKS-MARKETS-JAPAN-CLOSE
Tokyo stocks close lower on renewed trade war worries
TOKYO, June 28, 2018 (BSS/AFP) – Tokyo stocks closed lower Thursday on
revived trade war fears with fresh comments from the US administration
sending mixed messages on a US-China commercial confrontation.
The Nikkei 225 index lost 0.01 percent, or 1.38 points, to end at 22,270.39
while the broader Topix index was down 0.26 percent, or 4.45 points, at
1,727.00.
US President Donald Trump on Wednesday said he supported tougher
restrictions on foreign investment in sensitive technology, as well as export
controls on those goods, but he stopped short of imposing specific
restrictions on China.
The White House may have been prompted to step back from tough restrictions
on China after stock markets dropped sharply and experts warned that strong
action against Beijing could open US firms up to severe retaliation.
Still, Treasury Secretary Steven Mnuchin dismissed the idea the
administration was going soft on China.
And analysts pointed to comments from White House economic advisor Larry
Kudlow warning that tougher action on China was still being contemplated.
Japanese shares were influenced by a trend in the global market with little
market-moving activity at home, analysts said.
“Sales are promped by deterioration in the external environment,” Okasan
Online Securities’ strategist Yoshihiro Ito said in a commentary.
The dollar fetched 110.30 yen, against 110.27 yen in New York late
Wednesday.
In Tokyo, steelmakers closed lower with Nippon Steel slipping 0.41 percent
to 2,164 yen and JFE losing 0.80 percent to 2,083 yen.
Sharp dropped 3.77 percent to 2,344 yen.
Oil distributor Showa Shell Sekiyu dropped 3.76 percent to 1,663 yen after
surging Wednesday on reports it will merge with Idemitsu, whose shares gained
1.50 percent to 4,040 yen.
BSS/AFP/HR/1315