Japan Stocks Fluctuate After US Equity Slump Weighs on Sentiment
Japanese stocks fluctuate after US President Donald Trump’s escalating trade war dragged US shares below a key milestone.
Topix Index fell 0.3% to 2,691.58 as of 9:05 a.m. Tokyo time
Nikkei 225 declined 0.3% to 36,668.80
Hitachi contributed the most to the Topix’s decline, decreasing 1.2%. Out of 1,692 stocks in the index, 527 rose and 1,049 fell, while 116 were unchanged.
Overnight in the US, the S&P 500 dropped 1.4% to a six-month low, bringing its three-week rout past 10% — a correction in trader parlance. The yen, which was little changed at 147.94 per dollar on Friday, is up 1.8% so far this month.
“The tit-for-tat tariff increases have led to a situation where uncertainty about the future cannot be dispelled,” said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management. “Weakness in US tech stocks and the yen’s appreciation are making it easier for exporters such as automakers and machinery manufacturers to be sold off.”
Trump threatened to enact a 200% tariff on European wine, champagne and other alcoholic beverages. He also said he would not repeal tariffs on steel and aluminum that took effect this week, nor back off plans for sweeping reciprocal tariffs on global trading parters set to start as soon as April 2.
Source: Bloomberg
