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Tokyo: Stocks open lower amid higher yen, falls in US shares

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Tokyo stocks opened lower on Tuesday as a stronger yen and falls on Wall Street weighed on the market after three days of holidays.

[TOKYO] Tokyo stocks opened lower on Tuesday as a stronger yen and falls on Wall Street weighed on the market after three days of holidays.

The benchmark Nikkei 225 index was down 1.07 per cent or 221.35 points at 20,463.47 in early trade while the broader Topix index fell 0.81 per cent or 12.21 points to 1,491.63.

"Japanese shares are seen losing as investors are discouraged by falls in US shares and a stronger yen," Yoshihiro Ito, Okasan Online Securities chief strategist, said in a commentary.

The US dollar fetched 105.36 yen in early Asian trade, up slightly from 105.28 yen in New York late Monday, but down from 105.66 yen in Tokyo on Friday.

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Falls in Tokyo shares were led by exporters, with game giant Nintendo dropping 2.23 per cent to 38,560 yen, Panasonic trading down 1.95 per cent at 818.4 yen and Sony off 1.17 per cent at 5,903 yen.

Automakers were also among the losers, with Toyota trading down 1.40 per cent at 6,241 yen, Honda off 2.61 per cent at 2,475.4 yen and Nissan down 2.32 per cent at 660 yen.

On Wall Street, the Dow ended down 1.5 per cent at 25,896.44.

AFP