Japan’s Nikkei share average extended losses into a fourth day as the investors concern over the global trade war after US President Donald Trump proposed tariffs on imported steel and aluminium.
The Nikkei edged down 0.5 per cent to 21,075.44 in midmorning trade, after the yen got a lift from safe-haven flows, reports Reuters.
Steel shares tumbled again, with Nippon Steel & Sumitomo Metal dropping 1.5 per cent, JFE Holdings and Kobe Steel sliding 1.5 per cent.
Automakers, big consumers of steel and aluminium, also lost ground. Honda Motor Co fell 1.8 per cent, Toyota Motor Corp dropped 1.4 per cent and Subaru Corp shed 1.1 per cent.
Shippers were sold, with Mitsui OSK Lines falling 2.5 per cent and Kawasaki Kisen off 2.1 per cent.
The dollar stood at 105.43 yen, slightly above Friday’s low of 105.23, a level not seen since November 2016.
The broader Topix dropped 0.7 per cent to 1,696.91.
