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STOCKS-MARKETS-JAPAN-LEAD
Tokyo stocks open lower after Wall Street tumbles
TOKYO, Dec 18, 2018 (BSS/AFP) – Tokyo stocks opened lower on Tuesday,
extending losses on Wall Street, as investors looked ahead to meetings of the
US and Japanese central banks.
The benchmark Nikkei 225 index was down 1.07 percent or 230.76 points at
21,276.12 in early trade, while the broader Topix index was down 1.14 percent
or 18.19 points at 1,576.01.
“Following falls in US shares, investors remain cautious about market
prospects,” said Okasan Online Securities in a commentary.
Investors “tend to take wait-and-see attitudes ahead of the Japanese and US
central bankers’ monetary policy meetings” as well as other key events such
as the Congressional deadline for the US budget later this week, it said.
The US Federal Reserve meeting ends Wednesday and the Bank of Japan
concludes on Thursday.
The dollar fetched 112.77 yen in early Asian trade, against 112.69 yen in
New York.
In Tokyo, Hitachi was down 1.67 percent at 3,167 yen after it announced
plans to buy a majority stake in the power grid business of Swiss-Swedish
engineering giant ABB for $6.4 billion.
Hitachi also said, according to the business daily Nikkei, it would seek
financial support from the British government for its project to build
nuclear plants in Britain.
Some blue-chip exporters were also lower.
Sony was down 3.28 percent at 5,647 yen and Panasonic was down 1.42 percent
at 1,071.5 yen, while Toyota was down 0.78 percent at 6,786 yen.
In New York, the Dow ended down 2.1 percent at 23,592.98.
BSS/AFP/MR/ 1120 hrs