TOKYO, June 3 — Tokyo stocks closed lower today amid escalating global trade tensions, with a stronger yen also weighing on the market.
The benchmark Nikkei 225 index ended down 0.92 per cent, or 190.31 points, at 20,410.88, while the broader Topix market lost 0.88 per cent, or 13.32 points, to 1,498.96.
“Worries over the US-led trade war and a higher yen prompted sell orders in the Tokyo market, with no strong appetite for bargain hunting,” Okasan Online Securities said in a commentary.
US President Donald Trump’s surprise threat Thursday to place duties on all imports from Mexico, beginning at five per cent on June 10 and rising to as high as 25 per cent, rattled world markets on Friday.
Yesterday, Trump stepped up his attacks on Mexico over immigration, as a top aide warned the US president is “deadly serious” about imposing tariffs on imports from the southern neighbour.
“People have been saying for years that we should talk to Mexico. The problem is that Mexico is an ‘abuser’ of the United States, taking but never giving,” Trump said in a series of tweets yesterday.
China yesterday warned that while it wants resolution of a trade war with the US through talks, there will be no compromise on its core principles.
The dollar fetched ¥108.24 (RM4.19) in Asian trade, against ¥108.35 in New York and ¥108.92 in Tokyo afternoon hours on Friday.
In Tokyo, electronics and chip-linked shares were broadly lower, with Sharp dropping 3.09 per cent to ¥958, chip-testing equipment maker Advantest losing 1.21 per cent to ¥2,520 and chip-making equipment manufacturer Tokyo Electron down 2.06 per cent at ¥14,454.
SoftBank Group dived 6.22 per cent to 9,612 after a report that SoftBank’s attempt to raise money for a second large investment fund is running into trouble, with some of the biggest money managers in the world showing little interest. — AFP
