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Japan Nikkei extends losses

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The Japan share market declined for second day in row on Friday, 29 November 2019, as investors turned cautious, fearing a new US law backing Hong Kong protesters could torpedo efforts to end the US-China trade war. At closing bell, the 225-issue Nikkei Stock Average declined 112.32 points, or 0.48%, to 23,296.82, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange shed 8.87 points, or 0.52%, at 1,699.19.

Total 30 issues of the 33 industry category of Topix index dived into negative territory, with Glass & Ceramics Products, Transportation Equipment, Metal Products, Iron & Steel, Construction, Precision Instruments, and Wholesale Trade issues being notable losers.

Tokyo markets were sold off due to uncertainty over the potential impact on ongoing trade negotiations between Washington and Beijing after the signing of bills by U. S. President Donald Trump in support of Hong Kong protesters on Wednesday. China strongly condemned the actions of the U.

S., with the country's Ministry of Foreign Affairs saying on Thursday that Washington had sinister intentions. Hong Kong has been rocked by months of civil unrest initially sparked by a since-withdrawn extradition bill.

That comes as an anticipated phase one trade deal between the U. S. and China remains elusive ahead of Dec. 15, when additional tariffs on Chinese exports to the U. S. are set to go into effect.

CURRENCY NEWS: The Japanese yen, often viewed as a safe-haven currency in times of economic uncertainty, little changed against greenback, amid a dearth of any other significant developments in Sino-US trade talks. The Japanese yen traded at 109.48 against the dollar after trading in a range between 109.4 and 109.5 for much of yesterday.

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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, November 29 2019. 11:48 IST