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Tokyo: Stocks open 0.35% down

Wednesday, April 15, 2015 - 08:41
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Tokyo stocks opened 0.35 per cent lower on Wednesday, pressured by a firmer yen following disappointing US sales data.

[TOKYO] Tokyo stocks opened 0.35 per cent lower on Wednesday, pressured by a firmer yen following disappointing US sales data.

The Nikkei 225 index at the Tokyo Stock Exchange fell 70.15 points to 19,838.53 at the start.

The dollar stayed weak after losing ground Tuesday on a worse-than-expected US March retail sales report, buying 119.43 yen early Wednesday compared with 119.44 yen in New York.

The euro bought US$1.0647 and 127.16 yen against US$1.0654 and 127.24 yen in US trade.

The market hardly reacted to a growth report by the International Monetary Fund issued on Tuesday.

It unexpectedly upgraded its projections for Japan's economic growth this year and 2016, pointing to a weak yen and lower oil prices, but also warning that Tokyo must tame its massive national debt.

Wall Street stocks finished mostly higher Tuesday following mixed corporate earnings news.

The Dow Jones Industrial Average rose 0.33 per cent while the broad-based S&P 500 gained 0.16 per cent.

AFP