TOKYO: Japan’s Nikkei share average edged lower on Wednesday, snapping a seven-session winning streak by the tiniest of margins, as pharmaceutical shares sank after US President Donald Trump said he would reveal tariffs on drugs over the next two weeks.
Automaker stocks also slumped as Japanese investors returned from a four-day weekend to an overall stronger yen, which reduces the value of overseas revenues. Sony Group, which runs a movie studio, slid following Trump’s announcement of a 100% levy on foreign-made films.
Tariff worries overshadowed news that US Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet China’s economic tsar, He Lifeng, in Switzerland this weekend for talks that could start the process of de-escalation in their tense trade stand-off.
Investors were also reluctant to take the Nikkei above Friday’s five-week peak before hearing Federal Reserve Chair Jerome Powell’s stance on future interest rate cuts at the conclusion of the US central bank’s two-day policy meeting later in the day.
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