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Tokyo: Stocks open 0.52% lower

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Tokyo stocks opened 0.52 per cent lower on Thursday as the yen strengthened in a negative move for Japanese exporters.

[TOKYO] Tokyo stocks opened 0.52 per cent lower on Thursday as the yen strengthened in a negative move for Japanese exporters.

The Nikkei 225 index at the Tokyo Stock Exchange lost 103.20 points to 19,661.52 at the start after four days of gains.

The dollar stayed weak early Thursday after falling broadly Wednesday after a poor US retail sales report, buying 119.15 yen after 119.16 yen in New York late Wednesday and 119.83 yen in Tokyo earlier Wednesday.

The euro, meanwhile, rose after official data showed economic growth in the 19-nation eurozone strengthened to 0.4 per cent quarter-over-quarter in the first quarter, from 0.3 per cent in the final three months of 2014.

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The common currency bought US$1.1346 and 135.25 yen on Thursday against US$1.1354 and 135.29 yen in US trade.

In Tokyo stocks trade Toshiba, which had been hammered in the wake of news last week that the conglomerate had uncovered accounting problems on some infrastructure projects, rallied more than five per cent to 445.1 yen in early trade.

The firm announced late Wednesday that the accounting problems may dent its operating earnings by just over 50 billion yen (US$420 million) for the three years to March 2014.

Wall Street stocks finished little changed Wednesday in choppy trade, with the Dow Jones Industrial Average dipping 0.04 per cent.

AFP

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