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Japan stocks slide as revived U.S.-China trade war hits sentiment

Published 08/02/2019, 10:08 AM
Updated 08/02/2019, 10:10 AM
Japan stocks slide as revived U.S.-China trade war hits sentiment
JP225
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TOPX
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6301
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6305
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7270
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6752
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6952
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6954
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6753
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7203
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By Shinichi Saoshiro
TOKYO, Aug 2 (Reuters) - Japanese stocks slid on Friday as
U.S. President Donald Trump unveiled plans to impose new tariffs
on China, reviving trade war concerns and hitting exporter and
manufacturing firms.
Global markets were shaken after Trump said on Thursday that
he would slap a 10% tariff on $300 billion of Chinese imports
from Sept. 1. He added that the tariffs could be raised further
if China's President Xi Jinping failed to move more quickly to
strike a trade deal. Japan's Nikkei share average .N225 was down 2.11% at
21,086.38 as of 0146 GMT after going as low as 21,061.33, its
weakest since July 18.
Shares of companies with exposure to China slipped.
Industrial equipment makers Komatsu Ltd 6301.T and Hitachi
Construction Machinery Co 6305.T fell 2.9% and 4.3%,
respectively. Robot manufacturer Fanuc 6954.T lost 3.7%.
Exporters also retreated as the safe-haven yen jumped
against the dollar on the back of heightened trade tensions.
Toyota Motor Corp 7203.T lost 2.4%, Subaru Corp 7270.T fell
2% and Panasonic 6752.T retreated 3%.
Sharp Corp 6753.T tumbled more than 10% after the company
reported lower-than-expected operating profit in the April-June
quarter as the trade war dampened demand for its electronics
products. Casio Computer Co 6952.T swam against the tide and rallied
9.5% after its April-June operating profit rose 13.9% thanks to
factors such as brisk sales of its G-SHOCK watches. The broader Topix .TOPX lost 1.92% to 1,537.21. Declining
shares outnumbered gainers 1,953 to 150.

(Editing by Sam Holmes)

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