Tokyo stocks drop sharply in morning as US tariff concern grows
TOKYO (Kyodo) -- Tokyo stocks dropped sharply Monday morning on selling spurred by concern about U.S. tariffs after President Donald Trump's decision to double levies on steel and aluminum.
The 225-issue Nikkei Stock Average fell 551.08 points, or 1.45 percent, from Friday to 37,414.02. The broader Topix index was down 27.90 points, or 1.00 percent, at 2,773.67.
The U.S. dollar briefly weakened to the lower 143 yen range in Tokyo as the Japanese currency, seen as a safe-haven asset, was bought as worries about U.S.-China trade tensions increased after Trump accused China of violating a trade deal, dealers said.
At noon, the dollar fetched 143.52-53 yen compared with 143.98-144.08 yen in New York and 144.03-05 yen in Tokyo at 5 p.m. Friday.
The euro was quoted at $1.1363-1366 and 163.08-14 yen against $1.1344-1354 and 163.38-48 yen in New York and $1.1338-1340 and 163.31-35 yen in Tokyo late Friday afternoon.
Stocks fell as sentiment was dampened after Trump said Friday that he will raise tariffs on steel and aluminum imports to 50 percent from 25 percent imposed by his administration earlier this year.
The Nikkei index lost more than 500 points as heavyweight semiconductor-related issues were sold after declines by their U.S. counterparts late last week.
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