TOKYO, Dec 4 (Reuters) - Japan's Nikkei share average fell to its lowest level in about two weeks on Wednesday as hopes for a quick initial U.S.-China deal dimmed following U.S. President Donald Trump's remarks, while a stronger yen dented appetite in the country's exporters.
The Nikkei 225 index .N225 slid 1.24% to 23,089.21 and fell below its 25-day moving average of 23,253, a key technical support.
"In some ways, I like the idea of waiting until after the election for the China deal. But they want to make a deal now, and we'll see whether or not the deal's going to be right; it's got to be right," Trump told reporters in London on Tuesday, where he was due to attend a meeting of NATO leaders. yen has strengthened over 1% in the past 48 hours.
Fast Retailing 9983.T dropped 4.9% after the operator of the Uniqlo casual clothing chain reported weak domestic sales in November. The drop was enough to chop 110 points, or 0.5 percentage point, off the Nikkei.
The broader Topix .TOPX lost 0.55% to 1,697.37, a shade better performance than the others in the region. Most major indexes lost over 1%.
About 31% of all the listed shares on the Tokyo Exchange's main board rose, led mainly by domestic-oriented shares.
Investors usually shift money to such sectors when there are concerns around global growth.
Toiletry goods maker Kao Corp 4452.T rose 0.5%, while many utility companies also gained, including Tokyo Electric Power 9501.T , Chubu Electric Power 9502.T and Osaka Gas 9532.T , which rose 2.3%, 1.2% and 0.8% respectively.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.