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Tokyo stocks open flat amid lingering trade war fears

Apr 09, 2018 07:44 AM GMT+0530 | 0 Comment(s)

AFP - Tokyo stocks opened flat on Monday, as the yen eased modestly against the dollar, with investor sentiment hurt by falls on Wall Street on worsening trade war fears.

The benchmark Nikkei 225 index edged down 0.02 percent, or 4.08 points, to 21,563.44 in early trade, while the broader Topix index was down 0.06 percent, or 1.07 points, at 1,718.23.

The dollar fetched 107.00 yen in early Asian trade, up slightly from 106.95 yen in New York late Friday.

"Much ink has been spilt over trade wars in the last few days, and we now wait to see what the Trump administration does next," Stephen Innes, head of forex trading for Asia Pacific at Oanda, said in a commentary.

But Hiroaki Hiwata, strategist at Toyo Securities, said "worries over a trade war are receding somewhat as the issue has been there for the past several days."

US stocks plunged more than two percent Friday after President Donald Trump warned of tariffs on an additional $100 billion of Chinese imports, provoking a strong response from Beijing and fanning fears of a full-blown trade war.

However, Trump on Sunday said he sees an end to the escalating trade dispute with China.

"China will take down its trade barriers because it is the right thing to do," Trump said in a tweet.

"Taxes will become reciprocal & deal will be made on Intellectual Property. Great future for both countries!"

In Tokyo, exporters were mixed with Toyota trading down 0.31 percent at 6,707 yen and Nissan down 0.31 percent at 1,112 yen while Honda was up 0.29 percent at 3,691 yen.

Canon was up 0.60 percent at 3,849 yen.


 

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