Nikkei rattled by fears of trade war, BOJ exit; auto, steel sector slide
Friday, 2 March 2018 14:00 WIB | MARKET UPDATE |Nikkei 225Saham JepangIndeks acuan Nikkei 225Topix JepangJapan Topix

Japan's Nikkei share average fell to a 2-1/2-week low on Friday, with steelmakers and automakers taking a battering after President Donald Trump said the United States would impose import tariffs on steel and aluminum.

Investors also got a jolt on comments from Bank of Japan Governor Haruhiko Kuroda that the central bank will consider an exit from easy policy if its inflation target is achieved during fiscal 2019.

The Nikkei ended 2.5 percent lower to 21,181.64 points, the lowest closing level since Feb. 14. The index dropped 3.2 percent this week.

The broader Topix dropped 1.8 percent to 1,708.34, with all of its 33 subsectors falling.

Shares of steel and aluminum companies were hammered, after Trump said the United States would impose tariffs of 25 percent on steel imports and 10 percent on imported aluminum, to be formally announced next week.

Honda Motor Co tumbled 3.8 percent, Toyota Motor Corp dropped 2.4 percent, Subaru Corp shed 2.1 percent, Nissan Motor Co declined 1.4 percent and Mazda Motor Corp tanked 2.9 percent.

Source: Reuters

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