Nikkei open lower on profit-taking

Nikkei open lower on profit-taking

The key Nikkei 225 index slipped 0.18% or 44.12 points to 24,226.50 in early trade, while the broader Topix index was down 0.15% or 2.67 points at 1,821.36.

A man walks past electronic boards showing Japan’s Nikkei average, the Dow Jones Industrial Average and foreign exchange rates outside a brokerage at a business district in Tokyo. (AFP pic)
TOKYO:
Tokyo stocks opened lower on Wednesday after the benchmark Nikkei index hit a fresh 27-year high earlier this week, with investors seen taking profits.

The key Nikkei 225 index slipped 0.18% or 44.12 points to 24,226.50 in early trade, while the broader Topix index was down 0.15% or 2.67 points at 1,821.36.

“Profit-taking sales are growing and we will likely see a lull in Japanese shares,” Okasan Online Securities said in a commentary.

“While the yen’s depreciation has slowed after it touched the 114 yen level (against the dollar earlier this week), there are few other market-moving events,” it noted.

Investors were also awaiting key US jobs data due this weekend, analysts said.

The dollar fetched ¥113.59 in early Asian trade, against ¥113.68 in New York late Tuesday.

In Tokyo, blue-chip exporters were lower, with Toyota trading down 1.39% at ¥7,075, Honda 2.66% at ¥3,393, Sony off 1.62% at ¥6,725 and Panasonic down 1.67% at ¥1,348.5.

In New York, the Dow closed up 0.5% at a fresh record of 26,773.94.

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