Japan share market closed lower on Monday, 13 May 2019, as risk off selling continued amid heightening concerns about the outlook for global economy growth after the United States and China failed to find a solution to their trade dispute in two days of ministerial negotiations in Washington through Friday. At closing bell, the 225-issue Nikkei Stock Average fell 153.64 points, or 0.72%, to 21,191.28, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange was off 8.28 points, or 0.53%, at 1,541.14 .
China's envoy to the trade talks, Vice Premier Liu He said before leaving Washington that Beijing would not compromise on matters of principle and that tariffs on Chinese exports to the U. S. should be lifted as a condition for striking a deal. But Liu downplayed the level of tensions, saying China could cope with the challenges posed by the trade dispute. .
President Donald Trump said on Twitter over the weekend that We are right where we want to be with China. He accused China of ripping off America. The Trump administration said it was preparing to expand 25% tariffs to another $300 billion worth of Chinese goods, or practically all imports from China, after raising the import duty from 10%, with effect Friday.
The tariffs war has been hammering Chinese manufacturers and is an added drag on growth for the region. Most of investors adopted a wait-and-see stance before the U. S. announced details about additional tariffs on all imports from China later Monday. .
Sumitomo Electric fell 1.15% after its group operating profit forecast for the business year until March 2020, announced Friday, fell short of the market's expectations. .
CURRENCY NEWS: The Japanese yen continued appreciation against the dollar on Monday, as nervous investors seek safe-haven assets on heightened concerns about the outlook for the global economy. The dollar slipped to 109.74 Japanese yen from 109.96 yen on Friday. .
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