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Japan Market falls on US-China trade worries

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Capital Market
Headline shares of the Japan share market closed lower on Friday, 02 August 2019, as the market mood turned risk-off on heightening concerns about the future course of the global economy amid trade concerns after US President Donald Trump's new tariffs on China and the yen's rise against the dollar. All sectors of TOPIX Xindex declined, with shares in marine transportation, transportation equipment, and farm and fishery-linked issues being notable losers. At closing bell, the 225-issue Nikkei Stock Average dropped 453.83 points, or 2.11%, to 21,087.16, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 33.89 points, or 2.16%, at 1,533.46.

U.S. President Donald Trump new tariffs on China sent a shockwave through global markets after he announced the 10% tariffs on another $300 billion in Chinese goods starting 01 September 2019.

 

ECONOMIC NEWS: Japan monetary base was up 3.7% on year in July, coming in at 516.014 trillion yen, the Bank of Japan said on Friday. That's down from the 4% gain in June. Banknotes in circulation rose 2.8% on year, while coins in circulation gained an annual 2.3%. Current account balances advanced 3.9% on year, including a 3.5% jump in reserve balances. The adjusted monetary base fell 1.0% on year to 509.703 trillion yen.

CURRENCY NEWS: The Japanese yen strengthened against the US dollar on Friday. The Japanese yen, seen as a safe-haven currency amid global turmoil, saw strong gains against the dollar from the 109.2 handle yesterday. It last traded at 107.03.

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First Published: Aug 02 2019 | 2:36 PM IST

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