06.01.201704:27:00UTC+00Nikkei Slides as Trump Tariff Threat Sends Toyota Tumbling

Japan's Nikkei share average index edged down 0.3% to 19, 454.33 as automakers languished after U.S. President-elect Donald Trump threatened to hit Toyota cars imported into America from Mexico with hefty tariffs.

The Japanese carmaker shed as much as 3% at one point during the session after Trump threatened to impose heavy taxes on Toyota if it pushes through with its plan to manufacture Corolla cars in Mexico for the American market.

Other Japanese automobile makers also lost footing, with Nissan Motor Co. losing 2.2% and Honda Motor Co. posting a 1.9% drop.

Fast retailing also weighed on the Nikkei as it plunged 6.7% and contributed a heavy negative 109 points deduction to the benchmark index after announcing that same-store sales at its Uniqlo clothing stores in Japan declined 5% in December year-over-year.

Despite the marginal decline, the Nikkei was up 1.8% for the week. The broader Topix lost 0.2% and fell to 1, 553. 32 while the JPX-Nikkei Index edged down 0.2% to 13, 928.49.