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Japanese shares slipped on Monday, with the Nikkei average snapping a three-day winning streak, as a barrage of mostly positive earning reports failed to dispel growing concerns over a slowdown in China’s economy.
The Nikkei average dropped as much as 0.9 per cent and but pared much of the losses, thanks to buying in the late afternoon, to end 0.2 per cent down at 20.548.11. The broader Topix index closed flat at 1,659.60.
Steelmakers were worst hit, with Kobe Steel dropping 4.2 per cent and Nisshin Steel shedding 9.7 per cent.
A failure at the weekend by ministers of 12 Pacific Rim countries to reach a free trade pact — the Trans-Pacific Partnership (TPP) — also soured the sentiment, some market players said.
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