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STOCKS-MARKETS-JAPAN-OPEN
Tokyo stocks open lower on stronger yen
TOKYO, July 20, 2018 (BSS/AFP) – Tokyo stocks opened lower on Friday
extending falls on Wall Street as the yen firmed against the dollar after the
US president’s comments on the Fed’s rate policy.
The benchmark Nikkei 225 index lost 0.19 percent, or 42.67 points, to
22,722.01 in early trade, while the broader Topix index was down 0.15
percent, or 2.57 points, at 1,747.02 yen.
“Following falls in US shares and ahead of the weekend, sales for position-
adjustment reasons are seen overwhelming the market,” SBI Securities said in
a commentary.
The dollar fetched 112.48 yen in early trade, little changed from 112.43
yen in New York but down from 112.85 yen in Tokyo late Thursday.
In New York, the dollar took a hit after President Donald Trump expressed
disappointment in higher Federal Reserve interest rates.
Trump, in part of an interview aired by CNBC, broke with the long-
established executive branch practice of not commenting on the Federal
Reserve’s decisions out of respect for its independence.
“I’m not thrilled,” Trump told the network in an interview excerpt aired
Thursday. “Because we go up and every time you go up they want to raise rates
again.”
In Tokyo, semiconductor-related shares dropped, with Advantest trading down
2.13 percent at 2,470 yen and Tokyo Electron down 2.37 percent at 18,870 yen.
China-linked shares were also lower, with construction machinery maker
Komatsu trading down 0.49 percent at 3,230 and industrial robot maker Fanuc
down 0.35 percent at 21,285 yen.
In New York, the Dow ended down 0.5 percent at 25,064.50.
BSS/AFP/MRI/0823 hrs