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STOCKS-MARKETS-JAPAN-OPEN
Tokyo stocks open lower
TOKYO, July 23, 2018 (BSS/AFP) – 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.
BSS/AFP/HR/0910