Total 24 issues of the 33 industry category of Topix index inclined into positive territory, with Electric Appliances, Precision Instruments, Insurance, Nonferrous Metals, and Rubber Products issues being notable gainers, while Foods, Mining, and Air Transportation issues were notable losers.
Investors were encouraged by positive comments from US President Donald Trump, Chinese President Xi Jinping and Chinese state-owned media about the chance for an imminent trade deal. A Chinese state-backed tabloid said Beijing and Washington were very close to an initial pact. The report came on the heels of comments over the weekend by a top U.S. official that an agreement was still possible by the end of the year, dampening worries the negotiations could spill over into 2020.
The United States has imposed tariffs on Chinese goods in a 16-month long dispute over trade practices that the US government says are unfair. China has responded in kind with its own tariffs on US goods. If both sides cannot reach an agreement soon, the next important date to watch is Dec. 15, when Washington is scheduled to impose even more tariffs on Chinese goods.
ECONOMIC NEWS: Japan Producer Prices Surge 2.1% On Year In October-- Japan producer prices climbed 2.1% on year in October, the Bank of Japan said on Tuesday following the 0.5% gain in September. On a monthly basis, producer prices advanced 1.9% following the flat reading in the previous month. Individually, prices were higher for utilities, information and communications, transportation, real estate, rental and financial services.
CURRENCY NEWS: The Japanese yen, often viewed as a safe-haven currency in times of economic uncertainty, depreciated against greenback, as safe-haven demand waned. The Japanese yen traded at 108.97 per dollar after touching an earlier low of 109.19
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