Tokyo stocks open lower as yen firms
Tokyo, (MILLAT ONLINE):Tokyo stocks opened lower on Wednesday despite rallies on Wall Street as Japanese exporters were weighed down by a stronger yen against the dollar.
The benchmark Nikkei 225 index lost 0.40 percent or 97.32 points to 24,026.83 in early trade while the broader Topix index was down 0.30 percent or 5.69 points at 1,905.38.
The dollar fetched 110.16 yen in early Asian trade, down from 110.32 yen in New York due partly to worries over US protectionism as Canadian, US and Mexican negotiators kicked off a fresh round of talks on the NAFTA free trade pact sealed in 1994.
“The Japanese market is seen dominated by selling as the yen strengthened against the dollar,” Okasan Online Securities said in a commentary.
“But shares may move into positive territory as investors’ risk-on sentiment has been strengthening,” it added.
Sony dropped 3.15 percent to 5,550 yen after a brokerage firm downgraded its outlook on the stock.
Toyota was down 0.59 percent to 7,694 yen and Nissan was down 0.12 percent at 1,174.5 percent but their smaller rival Mazda was up 0.22 percent at 1,590 yen after a report said it plans to make electric vehicles with major Chinese automaker Changan Automobile.
In New York, all three major indices closed at records amid a corporate earnings reporting season that has featured expectations for higher profits.