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Asian stock traded lower due to escalating violence in Iraq. Investors monitor closely the situation in Iraq because increasing oil prices could have a negative impact on a global economy.
The Japanese stock index Nikkei 225 declined due to reactions to Prime Minister Shinzo Abe's reform plan. His reform plan focuses to encourage Japanese companies to invest more and create more jobs. The government plans to cut the corporate tax rate and to boost the role of working women due to the shrinking workforce in Japan.
The corporate service price index (CSPI) in Japan increased 3.6% in May, exceeding expectations for a 3.2% gain, after a 3.4% rise in April.
Concerns over the health of China's economy also weighed on stock indices in China and Hong Kong.
Indexes on the close:
Nikkei 225 15,266.61 -109.63 -0.71%
Hang Seng 22,866.7 -13.94 -0.06%
Shanghai Composite 2,025.5 -8.43 -0.41%
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