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Japanese shares drop on Sino-U.S. tensions, stronger yen

07/26/2020 | 11:37pm EDT

TOKYO, July 27 (Reuters) - Japanese shares dropped on Monday due to worries about worsening ties between China and the United States, with exporters taking a hit due to a firmer yen.

At the midday break, the benchmark Nikkei 225 index was down 0.54% at 22,629.30. Markets in Japan were closed on July 23 and July 24.

All but five of 33 sector sub-indexes on the Tokyo exchange traded lower, with shippers, steel makers and airlines leading the declines.

Investor sentiment was hit on further deterioration in Sino-U.S. relations, following the tit-for-tat consulate closures in both countries.

Meanwhile, U.S. Secretary of State Mike Pompeo said on Thursday Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

The tense backdrop underpinned the safe-haven yen, with the currency rising to a four-month high of 105.68 yen to the dollar over the long weekend.

Exporters Mitsubishi Motors shed 3.24%, Toshiba Corp declined 2.45% and Fanuc Corp dropped 1.71%.

Among other individual shares, defence-related names gained due to tensions between the two largest economies.

Mine manufacturer Ishikawa Seisakusho Ltd rallied 7.19%, while flare manufacturer Hosoya Pyro-Engineering Co Ltd added 7.19%.

Semiconductor-related companies were bruised by a decline in Intel Corp shares following a report about a delay in its production of a 7-nanometer chip.

Screen Holdings Co Ltd slipped 3.25%, while Alps Alpine Co Ltd and Disco Corp lost 3.05% and 2.84%, respectively.

The broader Topix was down 0.5% at 1,565.02. (Reporting by Eimi Yamamitsu; editing by Uttaresh.V)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALPS ALPINE CO., LTD. -1.75% 1176 End-of-day quote.-13.40%
DISCO CORPORATION 1.41% 32350 End-of-day quote.-6.91%
FANUC CORPORATION 0.58% 25050 End-of-day quote.-1.22%
HOSOYA PYRO-ENGINEERING CO., LTD. -0.43% 1148 End-of-day quote.-33.49%
INTEL CORPORATION 0.47% 53.835 Delayed Quote.8.19%
ISHIKAWA SEISAKUSHO, LTD. -0.32% 1577 End-of-day quote.-19.34%
MITSUBISHI MOTORS CORPORATION -2.26% 303 End-of-day quote.39.63%
NIKKEI 225 0.52% 27728.12 Real-time Quote.0.51%
SCREEN HOLDINGS CO., LTD. 2.06% 10400 End-of-day quote.36.84%
TOSHIBA CORPORATION 0.53% 4750 End-of-day quote.64.64%
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