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Tokyo stocks down for third straight day on strong yen
TOKYO, July 23, 2018 (BSS/AFP) – Tokyo stocks fell on Monday for a third
straight trading day as the yen firmed against the dollar after US President
Donald Trump accused China and the European Union of manipulating their
currencies.
The benchmark Nikkei 225 index lost 1.33 percent or 300.89 points to close
at 22,396.99, while the broader Topix index was down 0.36 percent or 6.28
points at 1,738.70.
The dollar dropped on Friday after Trump tweeted that Beijing and the EU
were “manipulating their currencies and interest rates lower” to gain a trade
advantage.
The dollar remained weaker in Asia, changing hands at 110.97 yen against
111.55 yen in New York late Friday.
“The current level of the yen is not in a zone that is concerning,” said
Hikaru Sato, senior technical analyst at Daiwa Securities.
“But the market remains nervous as no one can predict if Trump will make
more remarks on currencies,” Sato told AFP.
Investors were also awaiting Japanese corporate earnings reports beginning
this week.
“If companies such as Nidec, Fanuc and Tokyo Electron post sound profits,
the Nikkei index could rise above the 23,000 level” this week, said Tsuyoshi
Nomaguchi, strategist at Daiwa Securities.
Gaming giant Nintendo dropped 2.54 percent to 36,370 yen, chip-making
equipment manufacturer Tokyo Electron was down 0.58 percent at 18,645 yen,
and industrial robots maker Fanuc plunged 2.33 percent to 20,660 yen.
Sony lost 0.75 percent to 5,888 yen with Toyota down 1.73 percent at 7,311
yen.
On Wall Street Friday, the Dow added 0.3 percent to close at 25,199.36.
BSS/AFP/HR/1230