Tokyo Stocks Close Down After Trump Threats
Fahad Shabbir (@FahadShabbir) Published August 24, 2017 | 12:20 PM
Tokyo stocks slipped Thursday on a strong yen with sentiment also dented by President Donald Trump's remarks over a key trade agreement and a border wall with Mexico
TOKYO, , (UrduPoint / Pakistan Point News - 24th Aug, 2017 ) - Tokyo stocks slipped Thursday on a strong Yen with sentiment also dented by President Donald Trump's remarks over a key trade agreement and a border wall with Mexico.
At a rally Tuesday in Phoenix, Arizona, Trump vowed to build the border wall even "if we have to close down our government" and to pull out of the North American Free Trade Agreement with Canada and Mexico.
The outburst raised new questions about Trump's ability to build consensus in Washington which would be crucial to pushing through market-friendly policies including tax cuts and infrastructure spending.
"President Trump's address in Phoenix unwound all the positive feeling that had been built around the prospect of a swift debt ceiling resolution and US tax reform," Rodrigo Catril, Currency strategist at National Australia Bank, said in a commentary.
Hikaru Sato, senior technical analyst at the investment strategy section of Daiwa Securities, added: "Trump's remarks are likely to keep impacting the markets for now -- at least until Congress resumes." The Dollar slumped against the yen as investors sought out safer assets with the greenback at 108.
90 yen in early Asian trade.
It later rebounded to 109.11 yen but it was still down from 109.56 yen the previous day. A stronger yen is bad for Japanese shares as it hits the profitability of major exporters. The benchmark Nikkei 225 index lost 0.42 percent, or 80.87 points, to close at 19,353.77, while the Topix index of all first-section issues fell 0.49 percent, or 7.85 points, to 1,592.20.
Investors were also looking ahead to a meeting of central bankers featuring speeches by US Federal Reserve boss Janet Yellen and European Central Bank chief Mario Draghi on Friday. In Tokyo trading Panasonic fell 0.34 percent to 1,454.5 yen, camera maker Olympus slipped 0.65 percent to 3,780 yen and Nintendo was off 0.16 percent at 35,920 yen.
Steelmakers fell after report said top buyer Toyota had negotiated price cuts. JFE Holdings tumbled 4.36 percent to 2,059 yen while rival Nippon Steel & Sumitomo Metal dropped 2.48 percent to 2,555 yen. Toyota was down 1.06 percent at 6,107 yen. MS&AD Insurance Group was down 0.99 percent at 3,698 yen after announcing it would buy Singapore's First Capital Insurance for $1.6 billion.
Related Topics
Recent Stories
Finance Minister calls for reforming tax system to improve country's economy
PM calls for joint efforts to check smuggling, power theft
Infinix Unveils a Vibrant New Chapter with Wahaj Ali: The face of Infinix NOTE 4 ..
PM makes two more appointments in his team
Terrorists of Shangla suicide attack will be brought to justice: Interior Minist ..
Applications Open for 6th Cycle of Start-up Incubation under the National Expans ..
Join vivo's "Light it Up" Social Media Contest in Ramadan to Win vivo V30 5G
Pakistan v New Zealand T20I series: Tickets to go on sale from today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 March 2024
Today Gold Rate in Pakistan 29 March 2024
Journalists call for global action to end Gaza’s humanitarian crisis
CM for generating opportunities to bring direct int'l investment
More Stories From Business
-
Finance Minister calls for reforming tax system to improve country's economy
4 minutes ago -
Economy commences on better note in 2024: Finance Minister
19 minutes ago -
BIST 100 up at Friday’s open
1 hour ago -
Biden administration approves $60M to rebuild Baltimore bridge
2 hours ago -
China to export homegrown tunnel-boring machine to Italy
2 hours ago -
Foreigners make nearly 3 million inbound, outbound trips to China in Jan-Feb
2 hours ago
-
Türkiye's foreign trade gap halves in January-February
2 hours ago -
Shipping activity at Port Qasim
3 hours ago -
Tractor production increase 68% in Jul-Feb
3 hours ago -
Exchange rates for currency notes
4 hours ago -
Foreign exchange rates
4 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 March 2024
6 hours ago