The Nikkei 225 declined by 0.3% to approximately 39,690, while the more comprehensive Topix Index decreased by 0.3% to 2,220 on Monday. This continued the losses from the previous week, following the announcement by US President Donald Trump that his extensive reciprocal tariffs would be implemented on August 1. Treasury Secretary Scott Bessent indicated that tariffs would return to their April 2 levels for countries that have not finalized a trade agreement with the US by that date, providing additional time for negotiations. In a related context, Japanese Prime Minister Shigeru Ishiba emphasized on Sunday that he would not "readily compromise" in discussions with Washington, as Tokyo aims to avert Trump’s proposed tariffs of up to 35% on Japanese products. Adding to the apprehensive atmosphere, Japan's real wages experienced a decline of 2.9% in May—the fifth consecutive month of reduction, marking the steepest drop in nearly two years—sparking concerns about consumer expenditure and the economic trajectory. Among significant decliners were Mitsubishi UFJ (-1.7%), Fujikura (-1.0%), and SoftBank Group (-1.2%).