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Tokyo: Stocks open 1.33% lower

[TOKYO] Tokyo stocks opened 1.33 lower on Thursday with risk aversion boosting the yen against the dollar, hitting Japanese exporters.

The benchmark Nikkei 225 index at the Tokyo Stock Exchange, which lost three percent over the past two days, fell 232.09 points to 17,180.49 at the start.

The yen, which had fallen to seven-year lows against the dollar in recent weeks, turned up sharply.

The dollar was at 117.46 yen early Thursday, down from 117.85 yen in New York Wednesday afternoon and 118.88 yen yen in Tokyo earlier Wednesday.

The euro edged up to 146.75 and US$1.2486 from 146.68 yen and US$1.2446 in US trade.

Many capital markets across the globe fared badly on Wednesday.

US stocks tumbled as a pullback in petroleum stocks sparked a sell-off in the broader market.

The blue-chip Dow Jones Industrial Average dropped 1.51 per cent while the broad-based S&P 500 sank 1.64 per cent.

Argentine stocks closed down 6.85 per cent while European equity markets mostly retreated.


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