The Nikkei 225 fell 0.3% to around 39,690, while the broader Topix Index slipped 0.3% to 2,220 on Monday, extending last week’s losses after US President Donald Trump confirmed that his sweeping reciprocal tariffs will take effect on August 1. Treasury Secretary Scott Bessent noted that tariffs will revert to April 2 levels for countries that have not reached a trade deal with the US by that date, allowing more time for negotiations. Meanwhile, Japanese Prime Minister Shigeru Ishiba stated on Sunday that he will not “easily compromise” in talks with Washington, as Tokyo seeks to avoid Trump’s proposed tariffs of up to 35% on Japanese goods. Adding to the cautious mood, Japan’s real wages fell 2.9% in May - the fifth consecutive monthly decline and the sharpest drop in nearly two years - raising concerns about consumer spending and economic momentum. Among notable decliners were Mitsubishi UFJ (-1.7%), Fujikura (-1.0%), and SoftBank Group.