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Tokyo: Stocks open lower on profit-taking after bull run
[TOKYO] Tokyo stocks opened lower on Tuesday despite hefty gains on Wall Street, as investors sought to lock in profits after seven days of gains on the Japanese market.
The benchmark Nikkei 225 index was down 0.11 per cent or 25.68 points at 22,549.08 in early trade, while the broader Topix index fell 0.20 per cent or 3.42 points to 1,685.63.
"Positive sentiment following rallies in US shares are seen outweighed by sales on profit-taking by investors" as there is nothing surprising in US rallies on a detente in the US-China trade war over the weekend, Okasan Online Securities said in a commentary.
The dollar fetched 113.58 yen in Asian trade against 113.69 yen in New York.
Takeda Pharmaceutical was down 0.63 per cent at 4,203 yen ahead of an extraordinary shareholders meeting on Wednesday as a group of rebel investors is reportedly trying to thwart a deal with Shire.
Sharp was down 0.34 per cent at 1,720 yen after activist groups criticised it for allowing its subcontractors to cut some 2,900 foreign workers at a factory in Japan.
Marine transportation company Mitsui O.S.K. Lines was up 1.00 per cent at 2,748 yen after a brokerage firm upgraded its estimates on the shares.
On Wall Street, the Dow ended up 1.1 per cent at 25,826.43.