Tokyo: Stocks open down 0.17%

[TOKYO] Tokyo stocks opened 0.17 per cent lower on Wednesday, tracking falls on Wall Street following disappointing economic data.

The stocks were down in the first few minutes of trade despite a survey showing Japan business confidence was up for the three months to September.

The Nikkei 225 index at the Tokyo Stock Exchange was down 28.17 points at 16,145.35.

The Dow Jones Industrial Average closed down 0.17 per cent at 17,042.90 Tuesday.

After rising for four months, the Conference Board index of US consumer confidence fell to 86.0 from 93.4 in August due to mounting concerns about the jobs market.

Other reports included a disappointing reading on Chinese manufacturing and a drop in eurozone inflation in September to the lowest level since the financial crisis.

Ten minutes before the opening bell in Tokyo, the Bank of Japan released a closely-watched Tankan business confidence survey, which showed unexpected improvement in business sentiment among Japan's big manufacturers.

The Tankan reading for large companies in the non-manufacturing sector, however, showed deterioration in business conditions.

In the currency market the dollar was trading at 109.64 yen, after it struck a six-year high of 109.80 yen before pulling back to 109.64 yen in New York on Monday.

The euro bought US$1.2630 and 138.49 yen, little changed from US$1.2631 and 138.50 yen. - AFP