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Tokyo stocks open lower

Tokyo stocks open lower


Tokyo stocks opened lower on Monday as the yen firmed against the dollar after US President Donald Trump accused China and the European Union of manipulating their currencies.

The benchmark Nikkei 225 index lost 0.89 percent, or 200.89 points, to 22,496.99 in early trade, while the broader Topix index was down 0.44 percent, or 7.71 points, at 1,737.27.

Following Trump’s tweets attacking Beijing and the EU for “manipulating their currencies and interest rates lower” to gain a trade advantage on Friday, the dollar dropped against its major peers.

The dollar remained weaker in Asia, changing hands at 110.98 yen, against 111.55 yen in New York late Friday.

Investors were also awaiting Japanese corporate earnings reports beginning this week, analysts said.

“If companies such as Nidec, Fanuc, and Tokyo Electron post sound profits, the Nikkei index could rise above the 23,000 level” this week, Tsuyoshi Nomaguchi, strategist at Daiwa Securities, said.

In Tokyo, gaming giant Nintendo was down 1.66 percent at 36,700 yen, chip-making equipment manufacturer Tokyo Electron was down 1.17 percent at 18,535 yen, and industrial robots maker Fanuc fell 2.57 percent to 20,625 yen.

On Wall Street Friday, the Dow added 0.3 percent to close at 25,199.36.



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