Sunday, 29th January, 2023
Sunday, 29th January, 2023
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Tokyo stocks open lower ahead of key US data, ECB

Tokyo stocks opened lower on Thursday in cautious trade ahead of US inflation data and the European Central Bank’s policy meeting later in the day.

The benchmark Nikkei 225 index was down 0.13 percent or 37.51 points at 28,823.29 in early trade, while the broader Topix index slipped 0.21 percent or 4.14 points to 1,953.00.

“Tokyo share trade is seen moving in a narrow range ahead of the key US consumer price index and the ECB meeting,” Okasan Online Securities said in a commentary.

The dollar fetched 109.62 yen in early Asian trade against 109.63 yen in New York late Wednesday.

“The ECB is likely in no rush to deliver a taper message,” Tapas Strickland, senior analyst at National Australia Bank, said in a commentary.

“The key question is whether the ECB provides guidance on the pace of (asset) purchases” in the third quarter, he said.

The US consumer price data due later in the day could either exacerbate or mitigate inflation worries, analysts said.

Pharmaceutical firm Eisai dropped 5.48 percent to 10,165 yen after double-digit rises to the day’s cap in the two straight sessions following the US approval of the Alzheimer’s drug it developed with Biogen.

Kewpie was up 1.64 percent to 2,591 yen after a report said the Japanese mayonnaise maker has developed a vegan version of scrambled eggs that are made of soy beans.

Among other shares, Sony was up 0.56 percent at 10,815 yen while Hitachi was down 1.40 percent at 6,068 yen and Toyota was off 0.55 percent at 9,852 yen.

On Wall Street, the Dow ended down 0.4 percent at 34,447.14.

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