Tokyo stocks opened higher on Wednesday
in cautious trade after US shares slid over lingering inflation fears.

The benchmark Nikkei 225 index was up 0.36 percent, or 94.49 points, at
26,429.47 in early trade, while the broader Topix index was up 0.23 percent,
or 4.25 points, at 1,867.88.

“Japanese shares are starting with movement in a narrow range” after Wall
Street shares declined modestly, senior market analyst Toshiyuki Kanayama
said in a commentary.

Investors remain cautious as they study the implications of the US consumer
price index released overnight as they await US corporate earnings due later
this week, analysts said.

The dollar fetched 125.53 yen in early Asian trade, against 125.33 yen in
New York late Tuesday.

In Tokyo, convenience store chain operator Lawson jumped 7.53 percent to
4,715 yen after a report said it seeks to list its supermarket business Seijo
Ishii on the Tokyo Prime market by 2023.

Pharmaceutical firm Shionogi plunged 12.96 percent to 6,476 yen after it
reportedly said animal studies showed the Covid-19 pill it is developing
affected foetal development.

Among others, Sony was off 0.18 percent at 11,385 yen while Toyota was up
1.38 percent at 2,098 yen.

A report said Toyota had told its main suppliers it planned to reduce
production by 10 percent in May.

Contacted by AFP, a Toyota spokeswoman declined to confirm the report but
said: “Due to the ongoing Covid situation and shortage of semiconductors…
we have begun to communicate more carefully with our suppliers regarding
plans for the next three months.”