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Tokyo: Stocks close lower on higher yen
[TOKYO] Tokyo stocks closed lower on Wednesday, weighed down by a higher yen and losses in Chinese shares.
The benchmark Nikkei 225 index was down 0.53 per cent, or 116.11 points, at 21,638.16, while the broader Topix index lost 0.65 per cent, or 10.30 points, to close at 1,579.54.
"The yen slightly strengthened against the dollar and Chinese shares fell, which weighed on Tokyo stocks," Okasan Online Securities chief strategist Yoshihiro Ito said in a commentary.
The dollar fetched 107.63 yen in Asian trade, down from 107.88 yen in New York and 108.33 yen in Tokyo on Tuesday.
In Tokyo share trading, oil-linked shares were lower following a slump in crude prices, with oil developer JXTG dropping 2.86 per cent to 526.3 yen and Japan Petroleum Exploration fell 3.18 per cent to 2,464 yen.
Chipmakers also dropped, with chip-testing equipment maker Advantest falling 4.72 per cent to 3,025 yen and Screen Holdings 4.12 per cent to 4,880 yen.
Banks were among the losers on worries over sagging profits as yields on the US long-term bond remained low.
Mitsubishi UFJ Financial was down 1.04 per cent at 519.1 yen and Sumitomo Mitsui Financial 0.88 per cent at 3,824 yen.