Tokyo: Stocks open down 0.34%

[TOKYO] Tokyo stocks opened 0.34 per cent lower on Wednesday after the dollar's advance against the yen took a breather.

The Nikkei 225 index at the Tokyo Stock Exchange fell 59.65 points to 17,347.97 at the start.

The benchmark index will likely trade in a narrow range Wednesday, traders said.

The yen's fall against the dollar, a positive for Japanese exporters, has helped boost share prices in the past weeks.

But "there is going to be a limit to the dollar's rise, and at some point the currency markets will reach a consolidation point," said Hajime Kitano, Japan equity strategist at Barclays.

The "dollar-yen pair may be poised for a pullback soon," he told Dow Jones Newswires.

The dollar was at 117.83 yen early Wednesday compared with 117.97 yen in New York Tuesday afternoon.

The euro bought US$1.2477 and 147.01 yen against US$1.2473 and 147.18 yen in US trade.

Wall Street stocks Tuesday finished little changed following data showing unexpectedly strong US economic growth in the third quarter but a drop in consumer confidence in November.

The Dow Jones Industrial Average closed down 0.02 per cent at 17,814.94.

AFP