Tokyo stocks retreat amid geopolitical, economic uncertainties
Tokyo stocks retreated on Wednesday as investors grappled with heightened uncertainties surrounding US monetary policy and geopolitical tensions between Ukraine and Russia.
The Hungarian government has extended and expanded a ban on Ukrainian agricultural imports.
The decision was announced by Hungarian Agriculture Minister Istvan Nagy on Saturday.
Nagy highlighted the termination of the European Union’s import restrictions on Ukrainian agricultural products on Friday night, emphasising the necessity of maintaining the moratorium to address market disruptions, Xinhua news agency reported.
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The government also proposed the establishment of a transit support fund to facilitate the distribution of Ukrainian agricultural products to destinations beyond Europe, thereby averting famine and potential migration waves.
Other Central European countries like Poland and Slovakia have rallied behind Hungary’s stance, echoing the need to protect their farmers’ interests.
Romania, however, remains cautiously observant, awaiting Ukraine’s action plan before deciding on its course of action. Meanwhile, Bulgaria on Thursday agreed to resume import measures for Ukrainian agricultural products.
In May, the European Commission imposed a ban on grain exports from Ukraine to five European countries, namely Poland, Slovakia, Bulgaria, Romania and Hungary. The restrictions are due to expire on Friday.
Earlier this week, officials from Poland and Hungary said their countries plan to extend the embargo on Ukrainian grain imports.
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