Total 21 subsectors out of 33 subsectors of the Topix's index inclined, with Textiles & Apparels, Oil & Coal Products, Marine Transportation, Rubber Products, and Pharmaceutical issues being notable gainers, while Real Estate, Land Transportation, Mining, and Electric Power & Gas issues were notable gainers.
market participants were nervously awaiting outcome of the expected meeting between Presidents Donald Trump and Xi Jinping later this week for any signs of de-escalation in a trade war that is damaging the global economy and souring business confidence. The leaders will meet on the sidelines of the G20 summit in Japan.
China and the United States should be willing to make compromises in trade talks and not insist only on what each side wants, Vice Commerce Minister Wang Shouwen said on Monday.
US Vice President Mike Pence on Friday decided to call off a planned China speech, which also increased optimism ahead of trade talks. Pence had upset China with a fierce speech in October in which he laid out a litany of complaints ranging from state surveillance to human-rights abuses.
Tensions in the Middle East remain after the U.S. and Iran nearly came to blows last week after Tehran claimed it downed an American drone that violated its airpace, while Washington says it was operating in international airspace. The Trump administration has also accused Iran of attacking two oil tankers in the Gulf of Oman, near the Strait of Hormuz a critical transit route for global oil supplies. Iran has strongly denied involvement in the explosions that crippled the tankers.
CURRENCY NEWS: Japanese yen appreciated against greenback on Monday. The Japanese yen, often seen as a safe-haven currency, traded at traded at 107.41 against the dollar after touching levels above 108.5 in the previous trading week.
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