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Japanese shares fall on U.S.-China tensions, stronger yen

08/01/2022 | 11:15pm EDT

TOKYO, Aug 2 (Reuters) - Japanese shares fell on Tuesday, as tensions between Beijing and Washington grew on news U.S. House of Representatives Speaker Nancy Pelosi was set to visit Taiwan during the day, while a firmer yen against the dollar prompted a sell-off in exporters.

The Nikkei fell 1.59% to 27,549.41 by the midday break, while the broader Topix dropped 1.81% to 1,924.55.

"There were several reasons for selling stocks to secure profits today. First, Wall Street was weak overnight. Also, investors were concerned about risks of worsening relationship between the U.S. and China," said Ikuo Mitsui, a fund manager at Aizawa Securities. "Another one was the strengthening yen."

Wall Street ended lower after a choppy session on Monday, with declines in Exxon Mobil and other energy companies weighing against gains in Boeing as investors digested the U.S. stock market's biggest monthly gains in two years.

Investors were worried about an escalation in Sino-U.S. tensions with Pelosi set to begin a visit to Taiwan against the objections of China, which regards the self-governed island as a breakaway province.

Chip-making equipment maker Tokyo Electron fell 2.51% and was the biggest drag on the Nikkei. Air-conditioning maker Daikin Industries lost 3.04% and robot maker Fanuc slipped 2.42%.

Toyota Motor slipped 2.08% and was the biggest drag on the Topix.

Automaker Hino Motors tumbled 9.45% following a report that the scope of its announced falsification of admissions data may be larger than previously expected.

Sensor and magnet maker TDK surged 11.47% after reporting a higher quarterly profit.

(Reporting by Junko Fujita; Editing by Subhranshu Sahu)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRITISH POUND / US DOLLAR (GBP/USD) 0.16% 1.0789 Delayed Quote.-20.22%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.40% 0.73176 Delayed Quote.-6.95%
DAIKIN INDUSTRIES, LTD. 0.29% 22630 Delayed Quote.-13.51%
EURO / US DOLLAR (EUR/USD) 0.27% 0.96486 Delayed Quote.-15.39%
EXXON MOBIL CORPORATION -2.06% 83.98 Delayed Quote.40.14%
FANUC CORPORATION 1.20% 21455 Delayed Quote.-13.04%
HINO MOTORS, LTD 0.00% 620 Delayed Quote.-34.60%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.28% 0.012287 Delayed Quote.-8.35%
MSCI TAIWAN (STRD) -2.63% 474.775 Real-time Quote.-34.31%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.80% 0.57104 Delayed Quote.-16.03%
NIKKEI 225 0.53% 26571.87 Real-time Quote.-5.69%
TDK CORPORATION 1.50% 4750 Delayed Quote.4.23%
THE BOEING COMPANY -2.99% 127.34 Delayed Quote.-34.80%
TOKYO ELECTRON LTD. -0.85% 38370 Delayed Quote.-41.61%
TOPIX INDEX 0.47% 1873.01 Delayed Quote.-3.83%
TOYOTA INDUSTRIES CORPORATION 0.28% 7060 Delayed Quote.-23.40%
TOYOTA MOTOR CORPORATION 1.17% 1986 Delayed Quote.-6.77%
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