Japanese stocks stumble, spooked by yuan's fall [Reuters]
TOKYO ELECTRON UNSP/ADR (TOELY)
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Source: Reuters
Japanese stocks stumble, spooked by yuan's fall | Reuters Reuters Staff 2 Min Read * Yuan’s fall sparks worries about China’s economy, Sino-U.S. trade war * Steel makers, metal cos, shippers among biggest losers * Semi-conductor shares down after soft TSMC earnings By Hideyuki Sano TOKYO, July 20 (Reuters) - Japanese stocks dropped on Friday as an extended decline in the Chinese yuan rekindled worries about the stability of the Chinese economy which faces rising risks from a major trade conflict with the United States Japan’s Nikkei share average fell 0.49 percent to 22,652.42 while the broader Topix shed 0.27 percent to 1,744.85. The losses were driven by selling in the futures after the yuan weakened below 6.8 per dollar in the onshore trade for the first time in a year. “Further falls in the yuan will heighten worries about capital flights like the one we saw in 2015-16. So there is knee-jerk selling,” said Hideyuki Ishiguro, senior strategist at Daiwa Securities. Steel makers, non
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