Japanese Shares Tumble Ahead of Trump Tariffs
The Nikkei 225 Index experienced a sharp decline of 3.6%, settling around 31,800, while the broader Topix Index fell by 2.9% to 2,362 on Wednesday. This downturn erased gains made in the prior session and mirrored Wall Street's overnight losses. These developments came ahead of the implementation of new tariffs by US President Donald Trump, which are slated to take effect later in the day. The tariffs include a 24% duty on Japanese goods and a 25% levy on automobile imports into the United States. Concurrently, Trump announced that Japan is dispatching a delegation to negotiate trade matters with the US. Simultaneously, Japanese Prime Minister Shigeru Ishiba disclosed that during a recent phone conversation, he urged Trump to reconsider his tariff strategy. The financial and technology sectors bore the brunt of the market's downturn, with significant declines observed in firms like Mitsubishi UFJ (-3.6%), Sumitomo Mitsui (-4.3%), and Disco Corp (-6.5%). Automotive and consumer-related stocks were also adversely affected, with Toyota Motor dropping by 1.9% and Sony Group falling by 2.7%.
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