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Japan's Sharp ditches new share issue citing U.S.-China trade friction

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Japan's Sharp ditches new share issue citing U.S.-China trade friction

Japan's Sharp ditches new share issue citing U.S.-China trade friction
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TOKYO (Reuters) - Japan's Sharp Corp on Friday cancelled plans to issue up to $2 billion (£1.6 billion) in new shares, saying trade friction between the United States and China has increased volatility in the stock market.

The company announced the plan only a week ago, saying it would use the funds to buy back shares and invest in research and development.

Shares in Sharp were untraded with a glut of buy orders on the Tokyo Stock Exchange.

(Reporting by Chang-Ran Kim; editing by Richard Pullin)

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