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Japan Market end lower as Sino-U.S. trade war intensifies

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share market closed lower for straight seventh session on Tuesday, 14 May 2019, as risk off selling continued due to escalating Sino-U. S. trade tensions after announced increases on $60 billion of U. S. goods on Monday in retaliation for imposing higher tariffs on $200 billion of imports from on Friday. Market losses were, however, capped after reports that had voiced hope for progress in the countries' trade negotiations. Total 25 issues of 33 subsectors of the declined, with shares in Fishery, Agriculture & Forestry, Rubber Products, Transportation Equipment, Metal Products, Information & Communication, and Marine Transportation issues being notable losers whereas Oil & Coal Products, Mining, and Chemicals issues were notable gainers. At closing bell, the 225-issue Nikkei Stock Average was down 124.05 points, or 0.59%, at 21,067.23, after briefly dropping over 400 points to a three-and-a-half-month low in early trading, while the broader Topix index of all First Section issues on the was 6.16 points, or 0.40%, lower at 1,534.98. .

Selling has intensified for local shares on Tuesday with the escalation of US-trade tensions.

China announced Monday that it will raise tariffs on $60 billion worth of U. S. goods, beginning on June 1. The goods targeted include a broad range of Last week, U. S. raised duties on $200 billion in Chinese goods to 25% from 10%. .

Automakers, shippers and shares tumbled. and both slid 3.1%, fell 1.6% while dropped 0.9%. .

Manufacturers with large exposure to China were volatile, with flat at 2,374.5 yen after slumping 4% earlier, and up 0.1% after dropping 2.9% in early trade. rose 0.7% after sliding 4.5%. .

fell 575 yen, or 5.4%, to 9,995 yen, following the disappointing debut on Stock Exchange last week of Uber, of which SoftBank is the biggest shareholder. .

ECONOMIC NEWS: Posts 2,847.9 Billion Yen Current Account Surplus In March-- Current account surplus came in at 2,847.9 billion yen in March, the said on Tuesday - down 10.6% on year, up from 2,676.8 billion in February. The trade balance showed a surplus of 700.1 billion yen, up from 489.2 billion yen in the previous month. Exports fell 5.2% on year to 7.058 trillion yen, while imports added an annual 1.5% to 6.358 trillion yen. .

CURRENCY NEWS: The was little changed against the dollar on Tuesday, as nervous investors seek safe-haven assets on heightened concerns about the outlook for the global The dollar traded at 109.62 yen in Asian afternoon trade, up from 109.30 yen in on Monday. .

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 14 2019. 16:45 IST
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