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Japan's Nikkei falls on Trump's tariff pledge, stronger yen
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Japan's Nikkei falls on Trump's tariff pledge, stronger yen
Nov 26, 2024 7:35 PM

TOKYO, Nov 27 (Reuters) - Japan's Nikkei share average

fell on Wednesday, with automakers leading the losses, amid

concerns about the impact of U.S. President-elect Donald Trump's

tariff pledges and a stronger yen.

The Nikkei fell 0.72% to 38,165.85 by the midday

break, while the broader Topix lost 0.85% to 2,666.58.

On Monday, Trump pledged to impose new tariffs on imports

from Canada, Mexico and China, which strategists said raised

concerns that Japanese products might face a similar move.

"Wall Street was strong overnight but the Nikkei futures

trading on the CME (Chicago Mercantile Exchange)fell, which

suggested weak sentiment of foreign investors," said Yusuke

Sakai, a senior trader at T&D Asset Management.

Wall Street stocks, led by S&P 500 and the Nasdaq, ended

higher on Tuesday, as technology stocks rebounded, while

investors digested Trump's tariff pledges and the latest minutes

from the Federal Reserve.

"And the stronger dragged sentiment lower," Sakai said.

The yen rose from safe-haven bids amid turmoil in

the Middle East, trading last up 0.26% at 152.7 per dollar.

Automakers fell, with Toyota Motor ( TM ) falling 3.56% to

drag the Topix the most. Nissan Motor ( NSANF ) and Honda Motor ( HMC )

fell 5% and 3%, respectively.

The automakers' index slipped 3.23%.

Chip-testing equipment maker Advantest ( ADTTF ) fell 3.44%

to become the biggest drag on the Nikkei.

Sanrio ( SNROF ) tanked 13.7%, after the owner of 'Hello

Kitty' brand announced a sale of shares in the company.

Keisei Electric Railway ( KELRF ) rose 5.5% to become the top

gainer on the Nikkei, after the railway operator announced a

sale of shares in Oriental Land ( OLCLF ) worth 62 billion yen ($406.10

million).

Oriental Land ( OLCLF ), the operator of Tokyo Disneyland,

rose 4.37%.

Of more than 1,600 stocks on the TSE's prime market, 12%

rose and 86% fell, with 1% trading flat.

($1 = 152.6700 yen)

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