Image from UrduPoint “Tension between US and Iran intensifies after Washington demands countries stop buying Iranian oil.”
Tokyo’s benchmark Nikkei index slipped on Wednesday with investors jittery over US protectionist policies and concerns over fuel costs linked to a rise in oil prices.
The Nikkei 225 index lost 0.31 percent, or 70.23 points, to close at 22,271.77 while the broader Topix index was barely moved, inching up 0.38 points to 1,731.45.
“Tension between US and Iran intensifies after Washington demands countries stop buying Iranian oil” is weighing on the market, SBI Securities said in a commentary.
A rise in oil prices sparked fears over costs for Japanese firms, while the yen’s appreciation also hit sentiment, SBI added.
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Last month Donald Trump withdrew the United States from the Iran nuclear deal, re-imposing sanctions that had been suspended in return for controls on Tehran’s nuclear program.
Now, Washington is stepping up pressure on other countries to follow suit, including European allies who begged him to stay in the accord and major Iranian customers including India, Japan and China.
The Japanese government spokesman Yoshihide Suga on Wednesday confirmed Tokyo was talking to Washington and Tehran on the matter but declined to comment further.
Trump also renewed his attacks on Harley-Davidson Tuesday, threatening to tax the company for offshoring manufacturing and saying the popular motorcycles should “never” be built outside the United States.
A day after the company said it was planning to shift some manufacturing overseas due to the European Union’s tariffs in retaliation for US duties, Trump accused Harley-Davidson of appropriating the trade war as an “excuse” for the move.
EU officials suggested Trump had only himself to blame for falling out with a company he had previously hailed as “a true American icon”.
In Tokyo, automakers were mostly lower with Toyota slipping 0.59 percent to 7,039 yen and its smaller rival Honda closing down 2.63 percent at 3,225 yen.
China-related shares were among the losers, with construction machinery maker Komatsu ending down 1.31 percent at 3,080 yen and industrial robot maker Fanuc dropping 2.01 percent to 21,885 yen.
Oil-linked firms rallied on stronger crude prices, thought, with Inpex gaining 1.47 percent to 1,138 yen and JXTG surging 6.34 percent to 782.2 yen.
The dollar traded at 109.86 yen, against 109.77 yen in New York. AFP
