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Japanese stocks rose on Thursday morning after Wall Street bounced back from a sell-off triggered by an escalating US-China trade spat. The Nikkei jumped 1.7 per cent to 21,680.83 in midmorning trade, trading above its 200-day moving average of 21,343.43.
Wall Street bounced from an initial sell-off on Wednesday, as fears of a trade war between the United States and China eased somewhat after President Donald Trump’s economic adviser Larry Kudlow said the administration was in “negotiation” with China, and not engaged in a trade war.
The broader Topix advanced 1.2 per cent to 1,726.28, with 30 of its 33 sub-sectors rising.
Precision machinery makers, drugmakers and real estate companies outperformed. Terumo Corp rallied 4.3 per cent, Canon Inc rose 2.2 per cent, Chugai Pharmaceutical advanced 4.3 per cent and Eisai gained 3.7 per cent, while Mitsubishi Estate climbed 2.5 per cent.
Soy sauce maker Kikkoman Corp jumped more than 3 per cent on hopes of lower import cost.
Soyabean prices tumbled 2.2 per cent, after China announced plans to impose import duties on key US imports, including soyabeans, beef and corn in retaliation for US proposals to impose tariffs on $50 billion in Chinese goods.
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