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Tokyo stocks close down for seventh straight session

May 14 2019 09:11

Tokyo stocks fell for a seventh consecutive session on Tuesday, extending losses on global markets as the US-China trade war escalated.

The benchmark Nikkei 225 index lost 0.59% to close at 21 067.23, while the broader Topix index was down 0.40% at 1 534.98.

Tokyo shares opened sharply lower, taking a negative lead from Wall Street, brokers said.

The Dow dropped 2.4% on Monday after Beijing said it would raise tariffs on $60bn worth of US goods from June 1, in retaliation for the latest round of US tariff hikes and Washington's plans to target almost all Chinese imports.

Investors are "worried that the intensifying trade war will have a negative impact on the global economy," Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary.

But the market recovered some of its early losses on hopes for a meeting between US President Donald Trump and Chinese President Xi Jinping next month at the Group of 20 summit in Japan.

"Since selling pressure has recently been too heavy, investors are trying to buy back shares now," Toshikazu Horiuchi, a broker at IwaiCosmo Securities, told AFP.

The dollar traded at ¥109.62 in Asian afternoon trade, up from ¥109.30 in New York on Monday.

In Tokyo, China-linked shares were mixed as electronic parts maker Rohm fell 0.69% to ¥7 170 but industrial robot manufacturer Fanuc trading rose 0.07% to ¥19 060, with Sharp up 0.28% at ¥1 051.

SoftBank Group plummeted 5.43% to ¥9 995 as Uber continued to slide after a disappointing IPO. SoftBank Group has a 16% stake in the ride-hailing firm.

Uniqlo-operator Fast Retailing lost 0.46% to ¥64 110 after it said hackers may have gained access to the personal information of some 461 000 users of its Japanese online shopping sites.

equities  |  markets  |  tokyo stocks
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