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Japanese shares end lower in wait for update on U.S. tariffs

Published 11/12/2019, 08:44
Updated 11/12/2019, 08:45
© Reuters.  Japanese shares end lower in wait for update on U.S. tariffs

© Reuters. Japanese shares end lower in wait for update on U.S. tariffs

By Stanley White

TOKYO, Dec 11 (Reuters) - Japanese stocks ended lower on

Wednesday as an approaching deadline for U.S. tariffs on nearly

$160 billion worth of Chinese consumer goods just weeks before

Christmas kept investors away from risk-taking.

The Nikkei index .N225 closed down 0.08% at 23,391.86,

with industrial and healthcare sectors leading the declines.

The tariffs are set to kick in on Dec. 15, but the United

States and China are planning a delay as trade talks continue,

the Wall Street Journal reported on Tuesday. However, some traders were cautious as negotiations between

the two countries have been fractious and both sides have sent

mixed signals about the chance of agreeing to a deal to end a

trade row that has dragged on for more than a year.

"I lean toward the positive side in terms of valuations for

Japanese equities, which look cheap," said Masayuki Kichikawa,

chief macro strategist at Sumitomo Mitsui Asset Management Co in

Tokyo.

"Having said that, foreign investors need to be convinced

that downside risks posed by global trade have receded before

they return to the Japanese stock market."

Investors also avoided making big bets ahead of the outcome

of a rate-setting meeting by the U.S. Federal Reserve later in

the day and a general election in the UK on Thursday, which

could cause gyrations in financial markets.

There were 98 advancers on the Nikkei index against 120

decliners.

The largest percentage losers were electronic equipment

maker Hitachi Ltd 6501.T down 2.53%, followed by a 2.48% drop

in sake rice wine brewer Takara Holdings Inc 2531.T and 2.35%

slide in drugs maker Eisai Co Ltd 4523.T .

The largest percentage gainers were silicon wafer

manufacturer Sumco Corp 3436.T up 4.16%, followed by marine

food products firm Nippon Suisan Kaisha Ltd 1332.T gaining

3.44% and industrial equipment maker Hitachi Zosen Corp 7004.T

up 2.95%.

The broader Topix index .TOPX fell 0.34% to 1,714.95.

The volume of shares traded on the Tokyo Stock Exchange's

main board .TOPX was 1.15 billion, compared to the average of

1.25 billion in the past 30 days.

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