Tokyo: Stocks open lower on higher yen

[TOKYO] Japanese stocks opened lower on Friday, with falls in US high-tech shares and a higher yen weighing on the market.

The benchmark Nikkei index fell 0.58 per cent or 129.42 points to 22,358.52 in early trade, while the broader Topix index was down 0.44 per cent or 7.38 points at 1,685.03.

The US dollar fetched 110.42 yen in early Asian trade, 110.86 yen in New York in New York late Thursday.

"Falls in US high tech shares are contributing to weak trade in Japan," Okasan Online Securities said in a commentary.

"The yen is being bought on fears over US-China trade issues and concerns over emerging markets, which is weighing on the market," it added.

In Tokyo, Sony was down 2.19 per cent at 6,150 yen and Panasonic was down 2.01 per cent at 1,267.5 yen.

Toyota was down 1.07 per cent at 6,954 yen while Nissan was off 0.48 per cent at 1,022.5 yen.

Hokkaido Electric, which plunged 6.43 per cent on the previous day, was up 0.98 per cent at 720, after it announced it had restored power to more than 40 per cent of homes in quake-hit Hokkaido on Friday.

In New York, the Dow advanced 0.1 per cent to end at 25,995.87, while the tech-rich Nasdaq Composite Index lost 0.9 per cent to close at 7,922.17.

AFP