Japan's Nikkei 225 Index slipped 0.19% to close at 39,569 on Friday, reversing early gains as a sharp sell-off in Fast Retailing dragged the broader market lower.
Shares of the Uniqlo parent tumbled 6.9% after the company warned that recently announced US tariffs would significantly impact its US operations later this year, prompting plans to raise prices in response.
The warning came days after US President Donald Trump unveiled a 25% tariff on Japanese goods, set to take effect on August 1—further straining US-Japan trade ties.
In response, Prime Minister Shigeru Ishiba reiterated the need for Japan to reduce its dependence on the US in critical areas such as defense, food security, and energy.
He described the ongoing negotiations as a "battle in which national interest is at stake." Other notable decliners included Fujikura (-3.2%), Mitsubishi Heavy Industries (-2.0%), and SoftBank Group (-1.4%).
Source: Trading Economics
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