TOKYO, Nov 19 (Reuters) - Japan's stock benchmark Nikkei
edged down on Tuesday as investors await clarity on the progress
of U.S-China trade negotiations, with exporters pressured by a
firmer yen against the dollar.
The Nikkei share average .N225 dropped 0.2% to 23,361.35
in late-morning trade, and the broader Topix .TOPX fell 0.1%
at 1,698.44.
Wall Street's main indexes were mostly flat, looking for
direction on trade, though they ended the day inching up to
record high closing levels. .N/C
Overnight, CNBC reported the mood in Beijing was pessimistic
about the prospects of sealing a phase-one deal with Washington.
On the other hand, a new extension allowing U.S. companies
to continue doing business with Chinese telecoms giant Huawei
Technologies Co Ltd HWT.UL suggested something of an olive
branch. The Japanese yen firmed as much as 0.2% to 108.47 JPY=
versus the dollar early on Tuesday, weighing on exporters as a
strong local currency hurts corporate profits when they are
repatriated.
Export-oriented Fanuc Corp 6954.T shed 1.0%, while Toyota
Motor Corp 7203.T fell 0.7% and Sony Corp 6758.T shed 1.3%.
Semiconductor-related shares retreated as some profit-taking
selling kicked in, with SUMCO Corp 3436.T shedding 2.3% and
Disco Corp 6146.T falling 0.5%.
The Nikkei's heavyweight SoftBank Group Corp 9984.T fell
1.4% after Reuters reported that the New York State Attorney
General is investigating WeWork, citing sources. Group is the majority owner of the office-sharing
startup.
Elsewhere, Mitsubishi Chemical Holdings Corp 4188.T dived
3.5% after Japan's largest chemical maker said it will pay 491.8
billion yen ($4.5 billion) to make Mitsubishi Tanabe Pharma Corp
a fully-owned subsidiary. Mitsubishi Tanabe Pharma
4508.T shares were untraded amid heavy buy orders.
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Tokyo shares retreat as firmer yen weighs on exporters
Published 11/19/2019, 10:13 AM
Updated 11/19/2019, 10:16 AM
Tokyo shares retreat as firmer yen weighs on exporters
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