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Japan Market falls for sixth straight session

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share market closed down for sixth straight session on Friday, 10 May 2019, on mounting concern about the outlook for the global economy after the raised its tariffs on $200 billion of Chinese goods. Total 19 issues of 33 subsectors of the Stock Exchange declined, with shares in Nonferrous Metals, Precision Instruments, Foods, Information & Communication, Other Financial Business, and Marine Transportation issues being notable losers whereas Pharmaceutical, Oil & Coal Products, and Electric Power & Gas issues were notable gainers. At closing bell, the 225-issue Nikkei Stock Average was down 57.21 points, or 0.27%, at 21,344.92, while the broader index of all First Section issues on the Stock Exchange was off 1.29 points, or 0.08%, at 1,549.42.

The import duty was raised to 25% from 10% on Friday after the and failed to find a solution to their trade dispute in the first round of the two-day ministerial-level negotiations in on Thursday.

The two sides are pursuing last-ditch talks to try to salvage a trade deal.

Shares of exporters were weak amid the U. S.-trade dispute. tumbled 625 yen, or 5.4%, to 10,925 yen and Electron shed 75 yen, or 0.4%, to 16,705 yen. tumbled due to a profit warning for the same business year.

nose-dived as its forecast for operating profit in the business year to March 2020 fell far short of the market consensus.

CURRENCY NEWS: The continued appreciation against the dollar on Friday, as nervous investors seek safe-haven assets on heightened concerns about the outlook for the global economy. The dollar edged up 0.2% to 109.990 yen. The US currency was still down one% against the yen this week, having slipped to a three-month low of 109.470 overnight.

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

First Published: Fri, May 10 2019. 17:01 IST
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