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Tokyo: Stocks open 0.83% lower

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[TOKYO] Tokyo stocks opened 0.83 per cent lower on Monday on a negative lead from Wall Street and a stronger yen.

The Nikkei 225 index at the Tokyo Stock Exchange lost 170.48 points to 20,374.05 at the start.

On Friday, US stocks sank deep in the red as weak Chinese factory data and US home sales numbers outweighed Amazon's unexpected blockbuster swing into profit.

The Dow Jones Industrial Average shed 0.92 per cent, while the broad-based S&P 500 dropped 1.07 per cent.

In Tokyo forex trade, the dollar was at 123.74 yen early Monday, down from 123.81 yen in New York late Friday.

A strong yen is negative for Japanese exporters as it makes them less competitive abroad and decreases profits when repatriated.

The euro changed hands at US$1.0974 and 135.79 yen against US$1.0977 and 135.89 yen in US trade late Friday.

AFP

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