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Nikkei slips as Toyota reels from Trump threat, Fast Retailing fall
January 6, 2017 / 6:19 AM / a year ago

Nikkei slips as Toyota reels from Trump threat, Fast Retailing fall

TOKYO (Reuters) - Japan’s Nikkei share average dropped on Friday as automakers dragged after incoming U.S President Donald Trump threatened to slap punitive taxes on Toyota cars imported into the United States from Mexico, while Fast Retailing weighed on the market.

An employee of the Tokyo Stock Exchange (TSE) works at the bourse at TSE in Tokyo, Japan, February 9, 2016. REUTERS/Issei Kato/Files

The Nikkei fell 0.3 percent to 19,454.33. For the week, it was up 1.8 percent.

Fast Retailing Co dived 6.7 percent and contributed a hefty negative 109 points to the benchmark index after saying that same-store sales at its Uniqlo clothing outlets in Japan fell 5 percent in December from a year earlier.

Toyota Motor Corp fell more than 3 percent at one point after Trump threatened to impose heavy taxes on the automaker if it builds its Corolla cars in Mexico for the U.S. market.

Toyota later trimmed the drops and ended 1.7 percent lower.

Other Japanese carmakers also fell, with Honda Motor Co and Nissan Motor Co falling 1.9 percent and 2.2 percent, respectively.

The broader Topix dropped 0.2 percent to 1,553.32 and the JPX-Nikkei Index 400 fell 0.2 percent to 13,928.49.

Reporting by Ayai Tomisawa; Editing by Simon Cameron-Moore

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