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Tokyo: Stocks open 0.15% lower

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Tokyo stocks opened lower on Wednesday, despite positive earnings reports and a weaker yen, as US shares slid on another big decline from Apple.

[TOKYO] Tokyo stocks opened lower on Wednesday, despite positive earnings reports and a weaker yen, as US shares slid on another big decline from Apple.

The Nikkei 225 index at the Tokyo Stock Exchange fell 0.15 per cent, or 30.21 points, to 20,490.15 at the start.

US stocks ended lower Tuesday following a mixed batch of earnings reports and a fall by Apple of 3.2 per cent, leaving it down more than 12 per cent since its July 21 earnings release.

The Dow Jones Industrial Average dropped 0.27 per cent.

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The broad-based S&P 500 fell 0.22 per cent, while the tech-rich Nasdaq Composite Index slid 0.19 per cent.

In Tokyo Toyota, which said Tuesday its net profit for the three months to June jumped 10 per cent to US$5.2 billion, fell 2.53 per cent to 7,915 yen in the first few minutes of trading.

In Tokyo forex trade, the dollar was at 124.32 yen early Wednesday, up from 123.93 yen early Tuesday.

The greenback traded at 124.36 yen in New York late Tuesday.

A weak yen is positive for Japanese exporters as it makes them more competitive abroad and increases profits when repatriated.

The euro was at US$1.0885 and 135.29 yen compared with US$1.0882 and 135.32 yen in US trade.

AFP