Tokyo Stocks Advance on Trump's Comments on Japan Auto Tariffs; Subaru, Tyremakers Shine
Tuesday, 27 August 2019 13:49 WIB | MARKET UPDATE |Nikkei 225Saham JepangIndeksTopix

Japanese shares made a modest rebound on Tuesday after the previous session™s sharp selloff, as investors registered relief after President Donald Trump said the United States had no plan to imminently impose new tariffs on autos imported from Japan.

The Nikkei share average advanced 1.0% to 20,456.08, with Subaru and tyremakers leading the gains. On Monday, the benchmark lost 2.2% to hit the lowest closing level since January 11. The broader Topix added 0.8% to 1,489.69, with 31 of Tokyo™s 33 subindexes gaining.

Asked if he was still considering the U.S. tariffs on Japanese cars, President Trump told a news conference late on Monday that his administration is not looking at that although it™s something he could do at a later date if he wanted to.

This boosted prices of Tokyo-listed carmakers, tyremakers and car parts makers.

Subaru Co, which has the biggest revenue exposure to the United States among Japanese carmakers, jumped 4.9%, and the transport equipment sector gained 1.2%.

Source : Reuters

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