The Nikkei 225 Index fell 0.3% to below 39,500 while the broader Topix Index lost 0.2% to 2,817 on Monday, with the former hitting over two-week lows as renewed trade tensions weighed on sentiment.
The drop followed US President Donald Trump's announcement of a 30% tariff on imports from the European Union and Mexico, set to take effect on August 1. In response, the EU is reportedly ramping up talks with other affected countries, including Canada and Japan, to explore possible coordinated measures.
On the domestic front, Japan's core machinery orders fell 0.6% month-over-month to ¥913.5 billion in May. Although still a decline, the figure marked an improvement from April's sharp 9.1% drop and beat market expectations of a 1.5% fall. Among the notable decliners were major index constituents: Lasertec (-2.2%), Sanrio (-4.4%), Mitsubishi UFJ (-1.2%), Tokyo Electron (-1.4%), and SoftBank Group (-1%).
Source: Trading Economics
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