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Tokyo: Stocks open 0.42% lower

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[TOKYO] Tokyo stocks opened 0.42 per cent lower on Tuesday on a negative lead from Wall Street and a strong yen.

The Nikkei 225 index at the Tokyo Stock Exchange lost 85.93 points to 20,462.18 at the start.

On Monday, Wall Street stocks fell with petroleum-linked equities retreating on a big drop in oil prices.

The Dow Jones Industrial Average declined 0.52 per cent, while the broad-based S&P 500 shed 0.28 per cent.

US data on Monday showed slightly weaker manufacturing activity and a modest gain in consumer spending. Investors are especially focused on Friday's jobs report for July.

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In Tokyo forex trade, the dollar was at 123.93 yen early Tuesday, down from 123.99 yen in New York late Monday and 124.05 yen in Tokyo on Monday.

A strong yen is negative for Japanese exporters as it makes them less competitive abroad and decreases profits when repatriated.

The euro changed hands at US$1.0953 and 135.74 yen against US$1.0954 and 135.82 yen in US trade.

AFP

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