Japanese Shares Track Wall Street Lower
Japanese stock markets experienced a significant decline on Friday, mirroring steep losses on Wall Street amid renewed concerns over U.S.-China trade tensions, which have injected fresh volatility into the markets. The Nikkei 225 dropped sharply by 5%, falling below the 33,000 mark, while the broader Topix Index decreased by 4.7% to 2,420, undoing much of the previous session's gains. This downturn was triggered after the White House confirmed that cumulative tariffs on Chinese imports have surged to 145%, heightening anxiety about a potential prolonged trade conflict. Additionally, the outcome of ongoing negotiations remains uncertain, notwithstanding President Trump's 90-day tariff reprieve, aimed at providing a window for diplomatic discussions. Japan, currently subject to a 10% U.S. tariff rate, is gearing up for discussions with the Trump administration in the hopes of securing a trade agreement. Leading the downward trend were prominent market players, such as Mitsubishi UFJ, dropping by 6.1%, Disco Corp decreasing by 6%, Sumitomo Mitsui declining by 6.3%, Toyota Motor slipping by 6.2%, and Fast Retailing falling by 3.4%.
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