Japanese stocks edge lower on nearing tariff deadline

DeNA Co

10/12/2019 04:59

By Stanley White
    TOKYO, Dec 10 (Reuters) - Japanese shares edged lower on
Tuesday as the deadline neared for a fresh round of U.S. tariffs
on Chinese imports, against the backdrop of positive comments
from Washington and Beijing on progress in the trade talks.
    The Nikkei 225 index  .N225  ended Tuesday down 0.08% at
23,410.19, with industrial and consumer discretionary sectors
leading the decliners.
    In the run-up to new tariffs on $156 billion worth of
Chinese imports on Dec. 15, both China and the United States
have made reconciliatory tones.
    While China said it hoped to make a trade deal as soon as
possible, U.S. President Donald Trump said Washington is doing
well in hammering out an agreement with Beijing.  urn:newsml:reuters.com:*:nL4N28J1P8
 urn:newsml:reuters.com:*:nW1N27200X
    Some traders are also focused on a U.S. Federal Reserve
meeting starting Tuesday, where the central bank is widely
expected to keep interest rates on hold.  urn:newsml:reuters.com:*:nL1N28G185
    "From the outside, it's really difficult to see what is
going on in the U.S.-China trade talks," Kiyoshi Ishigane, chief
fund manager at Mitsubishi UFJ Kokusai Asset Management Co in
Tokyo said.
    "It's difficult to take big positions before the Fed
meeting. A rate cut is not expected, but if the Fed sounds
hawkish, stocks could fall."
    The biggest percentage losers in the index were chemicals
maker Tokuyama Corp  4043.T  down 4.29%, followed by parcel
delivery firm Yamato Holdings Co Ltd  9064.T  losing 3.32% and
Kansai Electric Power Co Inc  9503.T  down 3.28%.
    The largest percentage gainers in the index were drugs maker
Daiichi Sankyo Co Ltd  4568.T  up 3.67%, followed by electronic
components maker Taiyo Yuden Co Ltd  6976.T  gaining 3.49% and
marine products maker Nippon Suisan Kaisha Ltd  1332.T  up
3.23%.
    There were 69 advancers on the Nikkei index against 152
decliners on Tuesday.
    The broader Topix  .TOPX  fell 0.09% to 1,720.77.
    The volume of shares traded on the Tokyo Stock Exchange's
main board  .TOPX  was 1.05 billion, compared to the average of
1.25 billion in the past 30 days.

 (Reporting by Stanley White; Editing by Uttaresh.V and Shounak
Dasgupta)
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