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Japan stocks fall on fresh Sino-U.S. tension, Powell's speech awaited

Published 27/08/2020, 03:36
© Reuters.
JP225
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TOPX
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8411
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By Stanley White
TOKYO, Aug 27 (Reuters) - Japanese shares fell on Thursday
on fresh worries about U.S.-China relations and ahead of a
speech by Federal Reserve Chairman Jerome Powell later in the
day.
The Nikkei 225 Index .N225 was down 0.39% to 23,200.07 by
0203 GMT, with consumer discretionary and telecommunications
stocks leading the decline. The broader Topix index .TOPX fell
0.44% to 1,617.20.
The United States on Wednesday blacklisted 24 Chinese
companies and targeted individuals it said were part of
construction and military actions in the South China Sea.
Japanese investors also turned cautious after a U.S. defence
official, speaking on the condition of anonymity, told Reuters
that China launched four medium-range ballistic missiles into
the South China Sea on Wednesday.
Powell is scheduled to address the Fed's annual central
bankers' conference later in the day, usually held in Jackson
Hole, but being conducted virtually this year because of the
COVID-19 pandemic. He is expected to outline changes to the Fed's monetary
policy framework that will allow it to keep rates lower for
longer.
Also weighing on sentiment was a likely a press conference
by Japanese Prime Minister Shinzo Abe on Friday to address
concerns about his health.
Among the top underperformers on the Topix 30, mobile
network operator KDDI Corp 9433.T fell 1.95% and Mizuho
Financial Group Inc 8411.T declined 1.87%.
Among the best performers on the Topix 30, job placement
firm Recruit Holdings Co Ltd 6098.T jumped 6.58%, while
precision electronics maker Murata Manufacturing Co Ltd 6981.T
rose 0.53%.
There were 50 advancers on the Nikkei index against 172
decliners.
The volume of shares traded on the Tokyo Stock Exchange's
main board .TOPX was 0.42 billion, compared to an average 1.16
billion in the past 30 days.

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