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Tokyo stocks rebound after Trump delays some China tariffs

This Oct. 9, 2018 file photo shows the Tokyo Stock Exchange. (Kyodo)

TOKYO (Kyodo) -- Tokyo stocks bounced back Wednesday as concerns eased over U.S.-China trade tensions following a U.S. decision to delay tariffs on some Chinese imports until December.

The 225-issue Nikkei Stock Average ended up 199.69 points, or 0.98 percent, from Tuesday at 20,655.13. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 12.93 points, or 0.87 percent, higher at 1,499.50.

Gainers were led by mining, rubber product and nonferrous metal issues.

Shares remained firm throughout the day after the Office of the U.S. Trade Representative said Tuesday that imposing a 10 percent tariff on certain Chinese products including cellphones and laptop computers will be delayed to Dec. 15 from Sept. 1.

The announcement came amid growing speculation about Washington coming up with heavier tariffs, said Maki Sawada, vice president of the investment research and investor services department at Nomura Securities Co.

"The tariff delay provided a sense of relief as room for negotiation was created," Sawada added.

Solid Shanghai and other Asian stock markets also supported sentiment, brokers said.

Toshikazu Horiuchi, equity strategist at IwaiCosmo Securities Co., said weak Chinese industrial output and retail sales data released in the late morning reinforced expectations of fresh stimulus measures by the Chinese government.

On the First Section, advancing issues outnumbered decliners 1,673 to 406, while 70 ended unchanged.

Japanese electric appliance and game console makers with production bases in China gained on the tariff delay news. Apple Inc. supplier TDK advanced 350 yen, or 4.3 percent, to 8,470 yen and Nintendo climbed 1,660 yen, or 4.3 percent, to 40,070 yen.

Drugstore Cocokara Fine rose 80 yen, or 1.3 percent, to 6,030 yen after the company said it was starting merger talks with its rival Matsumotokiyoshi Holdings, which finished down 80 yen, or 2.2 percent, at 3,570 yen.

Exporter issues benefited from the yen's retreat against the U.S. dollar, with Mazda Motor rising 14.1 yen, or 1.6 percent, to 895.20 yen and Subaru gaining 78.00 yen, or 2.9 percent, to 2,739.50 yen.

Trading volume on the main section fell to 1,063.24 million shares from Tuesday's 1,282.49 million shares.

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