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Tokyo stocks fall on renewed US-China trade war fears

Sep 02 2019 10:13

Tokyo stocks closed lower on Monday on renewed fears of escalation in the US-China trade war and its impact on the global economy.

The benchmark Nikkei 225 index lost 0.41% to 20 620.19, while the broader Topix index was down 0.44% at 1 505.21.

The United States and China imposing new tariffs on each other's exports on Sunday "overturned" last week's optimism on the trade talks, Masayuki Kubota, chief strategist at Rakuten Securities, said in a note.

    "Fears of a global economic slowdown due to tit-for-tat sanctions are likely to continue for a while."

    Washington moved ahead Sunday with new tariffs on Chinese imports as it stepped up a high-pressure campaign aimed at coercing Beijing to sign a new trade deal.

    The additional tariffs affected a portion of the $300bn in goods from the Asian giant that so far had been spared.

    Beijing said it will retaliate by targeting $75bn in US goods, beginning in part on September 1.

    The dollar slipped to ¥106.20 in Asian afternoon trade from ¥106.26 in New York late on Friday.

    In Tokyo, some China-linked shares were lower, with industrial robot maker Fanuc down 0.46% at ¥18 370 and construction machinery giant Komatsu trading down 0.17% ¥2 253.

    Sony edged down 0.09% to ¥6 036 as Toyota lost 0.11% to ¥6 952, but Nintendo rose 0.22% to ¥40 380.

    equities  |  markets  |  tokyo stocks
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