Tokyo stocks close lower on Wall Street sell-off, yen's rise

          Source: Xinhua| 2018-04-03 17:20:49|Editor: Jiaxin
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          TOKYO, April 3 (Xinhua) -- Tokyo stocks closed lower Tuesday as Wall Street's sell-off overnight dented investors' sentiment, with the yen's rise against the U.S. dollar on U.S trade policy concerns adding to a risk-averse market mood.

          The 225-issue Nikkei Stock Average dropped 96.29 points, or 0.45 percent, from Monday to end the day at 21,292.29.

          The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, dropped 4.98 points, or 0.29 percent, lower to close at 1,703.80.

          Stocks here came under pressure in early trade from Wall Street's sharp overnight decline, which saw tech-issues in particular retreat and their counterparts here follow suit, local brokers said.

          They said the slide in the U.S. was triggered by U.S. President Donald Trump's remarks about e-commerce giant Amazon and issues pertaining to its tax situation and delivery services.

          Market sentiment was further dented, market strategists said, by the yen's appreciation against the U.S. dollar, on concerns about trade affairs sparked by U.S. policy.

          The yen's rise, they added, pressured exporter issues as Japanese exporters rely on a weak yen to boost profits when they are repatriated and to improve their competitiveness in overseas markets.

          Profit outlooks for exporters also become murky when the yen rises against its counterparts.

          Oil and coal product, marine transportation and electric appliance-oriented issues comprised those that declined the most by the close of play, and falling issues beat advancing ones by 1,220 to 787 on the First Section, with 74 ending the day unchanged.

          On the main section on Tuesday, 1,311.81 million shares changed hands, rising from Monday's volume of 956.73 million shares.

          The turnover on the second trading day of the week came to 2,247.0 billion yen (21.21 billion U.S. dollars).

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