Tokyo: Stocks open 1.23% lower

[TOKYO] Tokyo shares opened 1.23 per cent lower Tuesday following a decline in US stocks as oil prices slumped to fresh multi-year lows.

The Nikkei 225 index at the Tokyo Stock Exchange lost 210.74 points to 16,986.99 at the start.

Japanese financial markets were closed on Monday for a national holiday.

US stocks slumped on Monday as energy equities fell sharply.

The Dow Jones Industrial Average dropped 0.54 per cent to 17,640.84, while the broad-based S&P 500 sank 0.81 per cent to 2,028.26.

European benchmark Brent crude closed below US$50 a barrel for the first time since April 2009 following a gloomy petroleum market forecast from Goldman Sachs.

The euro bought US$1.1829 early Tuesday, compared with US$1.1834 in New York Monday afternoon.

Against the Japanese currency, the euro fetched 140.12 yen against 139.98 yen.

The dollar was at 118.44 yen, compared with 118.27 yen in US trade.

AFP