August 2, 2019 / 2:13 AM / 16 days ago

Japan stocks slide as revived U.S.-China trade war hits sentiment

TOKYO, Aug 2 (Reuters) - Japanese stocks slid on Friday as U.S. President Donald Trump unveiled plans to impose new tariffs on China, reviving trade war concerns and hitting exporter and manufacturing firms.

Global markets were shaken after Trump said on Thursday that he would slap a 10% tariff on $300 billion of Chinese imports from Sept. 1. He added that the tariffs could be raised further if China’s President Xi Jinping failed to move more quickly to strike a trade deal.

Japan’s Nikkei share average was down 2.11% at 21,086.38 as of 0146 GMT after going as low as 21,061.33, its weakest since July 18.

Shares of companies with exposure to China slipped. Industrial equipment makers Komatsu Ltd and Hitachi Construction Machinery Co fell 2.9% and 4.3%, respectively. Robot manufacturer Fanuc lost 3.7%.

Exporters also retreated as the safe-haven yen jumped against the dollar on the back of heightened trade tensions. Toyota Motor Corp lost 2.4%, Subaru Corp fell 2% and Panasonic retreated 3%.

Sharp Corp tumbled more than 10% after the company reported lower-than-expected operating profit in the April-June quarter as the trade war dampened demand for its electronics products.

Casio Computer Co swam against the tide and rallied 9.5% after its April-June operating profit rose 13.9% thanks to factors such as brisk sales of its G-SHOCK watches.

The broader Topix lost 1.92% to 1,537.21. Declining shares outnumbered gainers 1,953 to 150. (Editing by Sam Holmes)

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