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Tokyo: Stocks open down 0.31%

[TOKYO] Tokyo stocks opened 0.31 per cent lower on Tuesday, following drops on Wall Street and the dollar's downturn against the yen.

The Nikkei 225 index at the Tokyo Stock Exchange slipped 49.78 points to 15,841.17 yen.

The weak opening came after Wall Street stocks closed mostly lower on investor caution ahead of Wednesday's unofficial kickoff of third-quarter company earnings reports.

The Dow Jones Industrial Average edged down 0.10 per cent at 16,991.91.

The dollar was at 108.90 yen early Tuesday, up from 108.75 yen in New York Monday afternoon but down from 109.52 yen in Tokyo earlier Monday.

A stronger yen is negative for Japanese exports as it makes them less competitive abroad and erodes profits when repatriated.

The euro bought US$1.2647 and 137.75 yen againstUS $1.2655 and 137.64 yen in US trade. - AFP