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Tokyo: Stocks open slightly lower in cautious trade


[TOKYO] Tokyo stocks opened modestly lower on Monday in cautious trade amid a lack of fresh market-moving events as a majority of foreign markets were closed and with 10 days of holiday looming in Japan.

The benchmark Nikkei 225 index edged down 0.12 per cent or 25.84 points at 22,174.72 in early trade, while the broader Topix index was down 0.24 per cent or 3.94 points at 1,612.99.

"Tokyo stocks are starting without fresh market-moving events," and investors are looking "to take profit ahead of 10 days of holidays during which key Chinese and US economic data are due," said Hideyuki Ishiguro, strategist at Daiwa Securities.

US, European and a majority of Asian markets were closed on Friday and the Japanese markets will be closed from next Monday until May 6.

"This week, Japanese corporate earnings are in focus," including precision motor maker Nidec on Tuesday and industrial robot maker Fanuc on Wednesday, Ishiguro said.

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Nidec was down 0.28 per cent at 15,730 yen and Fanuc was down 2,845 yen in early trade.

Investors are also watching earnings of US IT giants Microsoft and Amazon later this week, he added.

Other potentially market-moving events this week in Asia's second biggest economy were results from gaming giant Nintendo and a meeting of the Bank of Japan.

Elsewhere in Tokyo, SoftBank Group was down 0.21 per cent at 11,520 yen and Panasonic was down 0.24 per cent at 1,028.5 yen.

The dollar fetched 111.94 yen in early Asian trade, against 111.91 yen on Friday in Asia.


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