Tokyo: Stocks open 1.60% lower

[TOKYO] Tokyo stocks opened 1.60 per cent lower on Thursday on a strong yen, sinking deeper after tumbling more than three per cent the previous session.

The Nikkei 225 index at the Tokyo Stock Exchange, which fell 3.14 per cent on Wednesday, lost 314.86 points to 19,422.78 at the start.

Investors were fleeing to the yen, seen as a safe bet in times of uncertainty and turmoil, due to worries over the Greek debt crisis and a Chinese stock market rout.

On Japanese equities markets, a stronger yen is a negative as it erodes the earnings of Japanese exporters.

The yen was changing hands at 120.74 to the dollar and 133.75 to the euro early Thursday, hardly changed from New York late on Wednesday but much stronger than the 122 and 135 ranges seen at the start of the week.

The euro held steady on hopes that Greece's debt crisis will be resolved in a few days.

The common currency bought US$1.1072 against US$1.1074 in US trade on Wednesday.

The Dow Jones Industrial Average finished down 1.47 per cent on Wednesday after more than three hours of trading suspension due to technical problems.

AFP