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Japanese stocks edged up in choppy trading on Friday morning as the perceived safe-haven yen rose after US President Donald Trump warned of further tariffs on China.
Japan’s Nikkei share rose 0.1 per cent to 21,677.72 in midmorning trade, after trading in and out of the black in early deals. For the week, the index has gained 0.8 per cent so far, reports Reuters.
Trade tensions returned to the fore after Trump said late on Thursday that he had instructed US trade officials to consider $100 billion in additional tariffs on China.
US stock futures fell on the latest news as investors fretted about the damaging impact of a full-scale US-China trade war on global trade and economic growth.
The dollar fell 0.2 per cent to 107.15 yen, pulling away from a one-month high of 107.49 yen set on Thursday.
S&P 500 e-mini futures were down 1.4 per cent in trading for the overnight session, while Dow futures were down 1.7 per cent, hurting sentiment in Japanese shares.
Markets are also focused on cues from US jobs data and comments by Federal Reserve Chairman Jerome Powell later on Friday.
Shippers underperformed after the baltic dry index, or freight charges, fell overnight. Mitsui OSK Lines dropped 0.9 per cent and Kawasaki Kisen fell 1.3 per cent.
Technology stocks lost ground, with Advantest Corp falling 2.8 per cent and TDK Corp shedding 0.8 per cent.
Supermarket operator Seven & i Holdings surged more than 4.0 per cent after the company expected a 6.0 per cent rise in its operating profit to 415 billion yen for the fiscal year ending February 2019, an eighth straight year of record profit.