Japanese shares dip after Trump move backing Hong Kong protesters

By Hideyuki Sano
TOKYO, Nov 28 (Reuters) - Japanese shares dipped on Thursday
after U.S. President Donald Trump signed into law congressional
legislation backing protesters in Hong Kong, sparking fears of a
fresh confrontation with Beijing that could derail their trade
talks.
The Nikkei share average .N225 fell 0.02% to 23,433.16,
off its 13 1/2-month peak hit on Tuesday while the broader Topix
.TOPX lost 0.1% to 1,709.33.
China has denounced the U.S. legislation as gross
interference in its affairs and a violation of international law
and has vowed counter-measures to safeguard its sovereignty and
security. "In the near term, people are watching how China will react
to Trump's move," said Masahiro Ayukai, senior investment
strategist at Mitsubishi UFJ Morgan Stanley Securities.
"But there is little change in the view that the global
economic sentiment is bottoming out," he added.
Against such a backdrop, some selected technology-related
shares gained, with Hitachi 6501.T rising 1.6% to hit a 1
1/2-year high.
Kyocera 6971.T gained 2.1% to its best level since early
2018 while Fujitsu 6702.T rose 0.7% to a 10-year high.
Panasonic 6752.T rose 2.6% after the Nikkei business daily
reported that the company plans to pull out from its small,
money-losing semiconductor business. On the other hand, some defensive shares lost their edge,
with Central Japan Railway 9022.T falling 1.3% and East Japan
Railway 9020.T down 1.1%.
Japan Display 6751.T dropped 5.6% after the struggling
panel maker said on Wednesday it would review its past earnings
after a former accounting executive notified the company of a
past accounting fraud which he said was directed by former top
management. Small- to mid-cap shares fared better, with the Tokyo Stock
Exchange's second-section index .TSI2 rising 0.7% to hit near
one-year high and the Mothers Index of start-up firms .MTHR
ticking up 0.2%.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Trump approves legislation backing Hong Kong protesters
supplier Japan Display to review past earnings after fraud
warning ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>