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Japanese shares drop on Sino-U.S. tensions, stronger yen

Published 07/27/2020, 11:37 AM
Updated 07/27/2020, 11:40 AM
JP225
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INTC
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TOPX
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7211
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7735
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6502
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6770
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6954
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6146
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6208
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IAIRL.T
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ISHIP.T
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ISTEL.T
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4274
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TOKYO, July 27 (Reuters) - Japanese shares dropped on Monday
due to worries about worsening ties between China and the United
States, with exporters taking a hit due to a firmer yen.
At the midday break, the benchmark Nikkei 225 index .N225
was down 0.54% at 22,629.30. Markets in Japan were closed on
July 23 and July 24.
All but five of 33 sector sub-indexes on the Tokyo exchange
traded lower, with shippers .ISHIP.T , steel makers .ISTEL.T
and airlines .IAIRL.T leading the declines.
Investor sentiment was hit on further deterioration in
Sino-U.S. relations, following the tit-for-tat consulate
closures in both countries. Meanwhile, U.S. Secretary of State Mike Pompeo said on
Thursday Washington and its allies must use "more creative and
assertive ways" to press the Chinese Communist Party to change
its ways. The tense backdrop underpinned the safe-haven yen, with the
currency rising to a four-month high of 105.68 yen to the dollar
over the long weekend.
Exporters Mitsubishi Motors 7211.T shed 3.24%, Toshiba
Corp 6502.T declined 2.45% and Fanuc Corp 6954.T dropped
1.71%.
Among other individual shares, defence-related names gained
due to tensions between the two largest economies.
Mine manufacturer Ishikawa Seisakusho Ltd 6208.T rallied
7.19%, while flare manufacturer Hosoya Pyro-Engineering Co Ltd
4274.T added 7.19%.
Semiconductor-related companies were bruised by a decline in
Intel Corp INTC.O shares following a report about a delay in
its production of a 7-nanometer chip. Screen Holdings Co Ltd 7735.T slipped 3.25%, while Alps
Alpine Co Ltd 6770.T and Disco Corp 6146.T lost 3.05% and
2.84%, respectively.
The broader Topix .TOPX was down 0.5% at 1,565.02.

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