TOKYO : Japan’s Nikkei share average slumped 5 per cent in early trade on Friday, tracking Wall Street’s sharp losses amid worries over uncertainty about the trade war’s potential economic fallout.
As of 0012 GMT, the Nikkei was down 5.1 per cent at 32,855.56. The broader Topix slipped 4.7 per cent to 2,419.32.
All three major U.S. stock indexes suffered steep losses overnight, forfeiting much of the previous session’s gains as growing concerns over the escalating Washington-Beijing trade face-off dampened optimism over upbeat economic data and U.S.-Europe trade negotiations.
The Nikkei jumped 9 per cent on Thursday after U.S. President Donald Trump declared an immediate 90-day tariff pause for many countries.
On Friday, Uniqlo-brand owner Fast Retailing lost 3.87 per cent. Chip-related stocks Tokyo Electron and Advantest slipped 5 per cent and 7.5 per cent, respectively.
All of the Tokyo Stock Exchange’s 33 industry sub-indexes fell, with refiners falling 6.6 per cent to become the worst performer.
