Tokyo stocks open flat on Kishida win, weak tech stocks
TOKYO (Kyodo) – Tokyo stocks opened on Thursday as overnight losses on the tech-heavy US Nasdaq index were offset by former Foreign Minister Fumio Kishida’s victory at the ruling party elections the day before, as well as the weakening of the yen against the US dollar.
In the first 15 minutes of trading, the 225-numbered Nikkei Stock Average fell 29.27 points, or 0.10%, from Wednesday to 29,515.02. The larger Topix index of all the Tokyo Stock Exchange’s first section issues fell 1.72 points, or 0.08%, to 2,036.57.
The declines were led by shipping and iron and steel issues, while the gains were led by pharmaceutical and land transportation issues.
At 9 a.m., the dollar hit 111.93-94 yen against 111.92-112.02 yen in New York and 111.29-31 yen in Tokyo on Wednesday at 5 p.m. The US unit briefly strengthened to 112.05 yen in New York trading, the highest level against the yen since February last year, following the rise in US Treasury yields.
The euro was listed at $ 1.1602-1607 and 129.86-90 yen against $ 1.1593-1603 and 129.82-92 yen in New York and $ 1.1661-1663 and 129.78-82 yen in Tokyo on Wednesday late afternoon.