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Stocks

Dairy, chocolate stocks bitten by Japan's EU trade deal

Investors expect cheaper imports, see potential for other pacts

Megmilk Snow Brand and other Japanese food shares slid on news of the EU trade deal.

TOKYO -- Food producers retreated Friday on the Tokyo Stock Exchange, one day after Japan and the European Union sealed a broad agreement for a trade deal that promises to bring stiffer competition in the form of cheaper cheese and other imports.

Food-related stocks also sold off on investors' views that the EU agreement could ease the way for a deal to enact the Trans-Pacific Partnership trade pact without the U.S., a version known as the TPP 11.

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