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Japanese shares gain despite US-China trade deal mix-up

Women walk past an electronic stock board showing Japan's Nikkei 225 and New York Dow indexes at a securities firm in Tokyo, June. 18, 2020. (File photo/AP)
Women walk past an electronic stock board showing Japan's Nikkei 225 and New York Dow indexes at a securities firm in Tokyo, June. 18, 2020. (File photo/AP)
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23 Jun 2020 02:06:57 GMT9
23 Jun 2020 02:06:57 GMT9

Japanese shares gained on Tuesday despite the risk sentiment swinging back towards caution over confusing statements from the White House on the US-China trade deal.

The Nikkei share average gained 0.82% to 22,621.84 by the midday break.

The market initially tracked overnight gains in Wall Street's three major indexes, with a boost from technology stocks as investors focused on the potential for more government stimulus measures.

However, the market slipped into the red in early trading after White House trade adviser Peter Navarro said that the trade deal with China is "over" in an interview with Fox News. He linked the breakdown in part to China not sounding the alarm earlier about the coronavirus outbreak.

Navarro's comment caused a surge in risk sentiment, but concerns were quickly toned down as Navarro later clarified that his comment was taken out of context.

The broader market Topix gained 0.78% to 1,591.45, with all but three of 33 sector sub-indexes on the Tokyo trading higher.

Automotive parts manufacturer led as the biggest advancer among the Tokyo Stock Exchange's subindexes, with manufacturing companies Denso Corp and Unipres Corp rising 4.91% and 4.21%, respectively.

Oriental Land Co Ltd, which had shut down its Disney theme parks in response to the coronavirus, climbed 2.94% after the company said it will reopen Tokyo Disneyland and DisneySea in July.

SoftBank Group Corp also gained 2.94% after the company announced its plans to divest more than $21 billion worth of stock in US wireless carrier T-Mobile US Inc , seeking funding for a $41 billion share buyback and debt reduction plan.

Reuters

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