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Tokyo stocks open slightly down

Tokyo stocks open slightly down

Tokyo stocks opened modestly down on Friday after a rally of more than 1.8 percent the day before, as tailwinds from a cheaper yen were offset by profit-taking.

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09.11.2018 12:17 PM

Tokyo stocks opened modestly down on Friday after a rally of more than 1.8 percent the day before, as tailwinds from a cheaper yen were offset by profit-taking.

The benchmark Nikkei 225 index was down 0.18 percent or 40.18 points at 22,446.74 in early trade, while the broader Topix index was down 0.04 percent or 0.72 points at 1,680.53.

"Japanese shares are seen led by profit-taking after a rally yesterday," Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary.

"But the ebbing of excessive worries over Japanese corporate results... along with the above-114 yen dollar-yen rate (in New York), could prompt bargain-hunting purchases," he added.

The dollar fetched 113.98 yen in early Asian trade, against 114.07 yen in New York late Thursday.

Nissan was down 1.16 percent at 1,018 yen after it reported a 10.9-percent drop in net profit for the six months to September at 246.3 billion yen ($2.2 billion).

Online mall operator Rakuten was up 2.55 percent at 924 yen after it reported a better-than-expected operating profit of 43.9 billion yen for the third quarter to September.

Toshiba was down 2.78 percent at 3,670 yen after it announced plans to slash 7,000 jobs and liquidate a unit building a UK nuclear power plant.

Oil-linked shares were lower as oil prices sank, with Inpex down 1.08 percent at 1,324.5 yen and Idemitsu Kosan off 2.68 percent at 5,080 yen.
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