June 23, 2020 / 7:22 AM / 10 days ago

Japanese shares rebound after brief Sino-U.S. trade mix-up

TOKYO, June 23 (Reuters) - Japanese stocks bounced back to end firmer on Tuesday after a brief market volatility following confusing statements from the White House on the U.S.-China trade deal.

The benchmark Nikkei share average ended 0.50% higher at 22,549.05.

The market initially tracked overnight gains in Wall Street’s three major indexes, with a boost from technology stocks as investors focused on the potential for more government stimulus measures.

Earlier in the session, the Tokyo market had slipped into the red after White House trade adviser Peter Navarro said that the trade deal with China is “over” in an interview with Fox News. He linked the breakdown in part to China not sounding the alarm earlier about the coronavirus outbreak.

However, investors concerns were quickly toned down after Navarro clarified that his comment was “taken wildly out of context.”

U.S. President Donald Trump assured soon after on Twitter that the trade deal with China was “fully intact.”

The broader market Topix gained 0.51% to 1,587.14, with nearly three-fourth of 33 sector sub-indexes on the Tokyo trading higher.

Automotive parts manufacturer led the advancers on the Tokyo Stock Exchange’s sub-indexes, gaining 1.36%, after domestic media reported on Monday that the Chinese government said it would include hybrid vehicles under new green-car category.

Car electronics and electrical parts maker Denso Corp added 4.16%.

Oriental Land Co Ltd, which had shut down its Disney theme parks in response to the coronavirus, rallied 3.24% after the company said it will reopen Tokyo Disneyland and DisneySea next month.

Elsewhere, Fujitsu Ltd added 2.77% after the company-backed supercomputer, the Fugaku, took the top spot among the world’s most powerful computers. (Reporting by Eimi Yamamitsu, Editing by Sherry Jacob-Phillips)

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