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Japanese stocks edge lower on nearing tariff deadline

Published 10/12/2019, 07:42
Updated 10/12/2019, 07:45
© Reuters.  Japanese stocks edge lower on nearing tariff deadline

© Reuters. Japanese stocks edge lower on nearing tariff deadline

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. 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. "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.

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