Japan corporate profits tumble in 2nd quarter on U.S.-China trade war

Corporate profits in Japan plunged 12.0 percent in the April-June quarter from a year earlier, hit by escalating trade tensions between the United States and China, government data showed Monday.Still, at 23.23 trillion yen ($218.83 billion), pretax profits remained at the second-highest level on record, according to the Finance Ministry. The fall followed 10.3 percent growth in the January-March period.Capital spending by manufacturers for purposes such as building factories as well as adding equipment and software fell 6.9 percent to 3.62 trillion yen, down for the first time in eight qua…READ FULL ARTICLE