ZCZC
BCN-05
STOCKS-MARKETS-JAPAN-OPEN-LEAD
Tokyo stocks open lower as exporters fall
TOKYO, Feb 20, 2018 (BSS/AFP) – Tokyo stocks opened lower on Tuesday after
three days of gains, with exporters suffering from a firm yen as investors
looked for fresh trading clues.
The benchmark Nikkei 225 index fell 0.45 percent or 99.26 points to
22,049.95 in early trade while the broader Topix index was down 0.43 percent
or 7.56 points at 1,767.59.
Investors were looking for trading leads after Europe’s major stock
markets drifted lower Monday in a subdued start to the week, with volumes
capped by holiday closures on Wall Street and some key Asian markets.
“There is a dearth of trading pegs as the US market was shut” on Monday,
Okasan Online Securities said in a note.
“The dollar has been stuck in the mid-106 yen range, not high enough to
wipe out worries over Japanese exporters’ earnings,” it said, while adding
bargain hunting may emerge after initial selling runs its course.
The dollar was trading at 106.75 yen, slightly up from 106.57 yen in
London on Monday but still around its lowest level since late 2016.
A strong yen is negative for Japanese exporters as it erodes their profits
when repatriated.
Carmakers dropped, with Toyota down 1.19 percent at 7,291 yen and Nissan
off 0.93 percent at 1,116.5 yen.
Sony gained 0.33 percent to 5,323 yen after the Nikkei business daily
reported the electronics giant would team up with major Japanese taxi
companies to develop a hailing system using artificial intelligence.
BSS/AFP/MR/ 1040 hrs