Tokyo: Stocks edge down on US-China trade concerns

[TOKYO] Tokyo stocks inched down on Monday on renewed concerns over the dim outlook for US-China trade talks.

The benchmark Nikkei 225 index fell 0.16 per cent, or 34.95 points, to close at 21,375.25, while the broader Topix index was down 0.01 per cent, or 0.15 points, at 1,572.75.

They had opened higher, extending rallies on Wall Street, as US jobs data eased recession fears while maintaining rate cut expectations.

But the indices closed in negative territory "as a news report said the Chinese side is cautious about a deal", said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

The United States and China are scheduled to hold ministerial-level negotiations in Washington later this week.

"But selling pressure was limited as investors are ready to buy on dips," Mr Horiuchi told AFP.

The dollar fetched 106.87 in Asian afternoon trade, against 106.86 yen in New York on Friday.

Nissan fell 0.45 per cent to 657.1 yen with Toyota down 0.12 per cent at 6,986 yen.

Nintendo dropped 1.36 per cent to 40,410 yen as Sony lost 0.12 per cent to 6,207 yen.

SoftBank Group was up 0.9 per cent at 4,157 yen after US antitrust authorities on Friday approved the US$26 billion merger of T-Mobile and SoftBank-controlled Sprint in a deal that brings together the third and fourth-largest wireless operators in the United States.

AFP