Monday, 24th June, 2024
Monday, 24th June, 2024

Tokyo stocks open lower on high yen, vaccine worries

Tokyo stocks opened lower Friday, pushed
down by a stronger yen and worries over the distribution of coronavirus

The benchmark Nikkei 225 index was down 0.31 percent or 82.69 points at
26,726.68 in early trade, while the broader Topix index slipped 0.15 percent
or 2.63 points to 1,772.62.

“The Japanese market is seen dominated by sell orders on worries over
distribution of vaccines for the new coronavirus with investors seeking to
lock in profits,” Mizuho Securities said.

A firmer yen is also weighing on the market, it added. The dollar fetched
103.73 yen in early Asian trade, against 103.84 yen in New York and 104.47
yen late in Tokyo on Thursday.

The world passed 1.5 million global coronavirus deaths on Thursday, even as
several nations readied plans to deliver vaccines early next year to break
the cycle of lockdowns and restrictions.

Looking ahead, investors are closely watching the November US jobs data due
later in the day, analysts said.

In Tokyo, chip-linked shares were among losers, with chip-testing equipment
manufacturer Advantest trading down 1.98 percent at 7,410 yen and chip-making
equipment manufacturer Tokyo Electron off 3.12 percent at 36,380 yen.

Online mall giant and mobile carrier Rakuten was down 4.55 percent at 1,071
yen after its bigger rival NTT Docomo said it will launch a new low-price
phone service.

But some other major shares were higher, with the broader Topix index
rebounding to positive territory about half an hour after the opening bell.

Game giant Nintendo was up 1.23 percent at 56,940 yen, Honda Motor was up
1.46 percent at 3,130 yen and Takeda Pharmaceutical was up 1.35 percent at
3,892 yen.

On Wall Street, the Dow ended up 0.3 percent at 29,969.52.

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