TOKYO, Nov 5, 2018 (BSS/AFP) – Tokyo stocks opened lower on Monday,
extending losses on Wall Street as investors took profits ahead of US mid-
term elections this week.
The benchmark Nikkei 225 index was down 1.25 percent or 277.26 points at
21,966.40 in early trade, while the broader Topix index fell 0.97 percent or
16.17 points at 1,642.59.
Investors were also cautious about ongoing corporate earnings reports,
analysts said.
“If there is no expectation for upward revisions in (full-year) earnings
forecasts, foreign investors in Tokyo stocks need an improvement in external
factors such as a rise in US shares and a cheaper yen,” said Tsuyoshi
Nomaguchi, strategist at Daiwa Securities.
The dollar fetched 113.16 yen in early Asian trade, against 113.28 yen in
New York on Friday.
Investors were cautious ahead of US mid-term elections, while worsening
business confidence indicators in both China and the United States issued
last week were also a concern, Nomaguchi said, adding the latter “may be
affected by the US-China trade war”.
In Tokyo, SoftBank was down 1.32 percent at 8,584 yen ahead of its six
months to September earnings report later Monday.
Game giant Nintendo was down 1.03 percent at 35,600 yen while Toyota was
down 0.95 percent at 6,495 yen.
In New York, the Dow closed down 0.4 percent at 25,270.83 on Friday.