Japanese Stocks Weaken as Tariff Warning Renews?
Japanese stocks fell in early trading on Monday, amid growing concerns ahead of a July 9 U.S. tariff deadline. The Topix index fell 0.1 percent to 2,824.83, while the Nikkei also fell 0.1 percent to 39,769.05. Hitachi Ltd. was among the major losers, down 1.2 percent. Investors are now waiting for the latest outcome of trade talks between Japan and the United States.
Tensions have been high as U.S. President Donald Trump has vowed to impose new tariffs on Aug. 1 if no trade deal is reached with partner countries. Japan’s chief negotiator, Ryosei Akazawa, has held two rounds of talks with U.S. Trade Secretary Howard Lutnick. Although both sides reiterated their positions, there has been no sign of a deal being reached.
Japanese Prime Minister Shigeru Ishiba said his country is prepared for all possible tariff scenarios. In an interview on Fuji TV’s Sunday News The Prime, Ishiba said Japan will take a firm stance in defending its national interests. He also reiterated Japan’s efforts to push for tariffs to be lifted on cars, a vital export sector.
In addition to tariff concerns, investors are also watching the start of Japan’s earnings season. Yaskawa Electric Corp. shares plunged nearly 8% after it cut its annual revenue forecast, its biggest daily decline since April. Analysts expect the market to move in a directionless manner until there is clarity on U.S. trade policy, which has a major impact on Japanese exports.
Source: (ayu-newsmaker)
