Asian stocks closed mixed on Wednesday as investors digested headlines related to a months-long trade dispute between the U.S. and China.
In Japan, the Nikkei 225 hiked 192.88 points, or 0.9%, to 22,746.70, buoyed by extended softness in the yen. Steelmakers led gains for the day, with JFE Holdings rising 10.4%. Exporters, including automakers, notched firm gains, as did bank shares.
Against the yen, the U.S. dollar traded at 112.06. The Japanese currency extended declines after softening overnight when the Bank of Japan kept policy steady and made some minor communication tweaks.
In Hong Kong, the Hang Seng tumbled 242.27 points, or 0.9%, to 28,340.74, with steep losses seen in the real estate sector before the market close.
In Korea, tech was a mixed picture, with some Apple suppliers giving up early gains made after the iPhone maker beat earnings expectations. LG Innotek shed 0.31 percent after rising more than 2%.
CHINA
Chinese shares moved into negative territory as sentiment took a hit from trade headlines while investors digested the release of a private survey of Chinese manufacturing activity, which met expectations.
In Shanghai, the CSI 300 dropped 70.27 points, or 2%, to 3,447.39
Market sentiment was somewhat affected by separate, less upbeat news on the trade front, with media citing a source that the Trump administration intends to propose a larger 25% tariff on $200 billion worth of Chinese goods. That would be greater than the 10% tariff the administration had mentioned earlier this month.
The latest developments in the trade dispute between the world's two largest economies came after U.S. tariffs on $34 billion worth of Chinese goods took effect early in July, a move that was swiftly met with retaliation from Beijing.
In other markets
In Singapore, the Straits Times Index gain 9.1 points, or 0.3%, to 3,328.95
In Taiwan, the Taiex index advanced 40.62 points, or 0.4%, to 11,098.13
In Korea, the Kospi index poked up 11.81 points, or 0.5%, to 2,307.07
In New Zealand, the NZX 50 faded 62.16 points, or 0.7%, to 8,859.92
In Australia, the ASX 200 fell 4.48 points, or 0.1%, to 6,275.72
