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Tokyo: Stocks slip as tariff comments dent trade deal optimism
[TOKYO] Japanese shares dropped on Wednesday, snapping a three-session winning streak after a top US trade official said current tariffs on Chinese goods would stay for now, prompting investors to lock in profits from recent gains.
The Nikkei share average fell 0.45 per cent to 23,916.58, retreating from a four-week high of 24,060 touched the previous day, while the broader Topix lost 0.54 per cent to 1,731.06.
US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer said there was no agreement in place with China on further tariff reductions, taking the shine out of market enthusiasm about the upcoming trade deal.
The Nikkei has rallied nearly 20 per cent from its August low on hopes of a truce in the tariff dispute.