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Tokyo stocks open lower after Wall St losses

Tokyo stocks open lower after Wall St losses

Tokyo stocks opened lower on Tuesday, with investors turning cautious after modest drops on Wall Street.

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16.04.2019 12:04 PM

Tokyo stocks opened lower on Tuesday, with investors turning cautious after modest drops on Wall Street.

The benchmark Nikkei 225 index, which jumped 1.37 percent the previous day, slipped 0.17 percent, or 38.46 points, to 22,130.65 in early trade. The broader Topix index was down 0.19 percent, or 3.14 points, at 1,624.79.

"Investors are likely to become cautious due to a breather in the New York Dow's rally," Okasan Online Securities chief strategist Yoshihiro Ito said in a note.

But the market will likely remain solid, he added.

"Demand for buying on dips is strong," providing support for the market, he said.

Wall Street stocks ended modestly lower on Monday following mixed results from large banks ahead of other earnings reports and economic data.

In Tokyo trade in individual stocks, NTT Docomo jumped 4.94 percent to 2,418.5 yen after the nation's top mobile operator said it would cut data fees by 40 percent.

Other major carriers were also up, with KDDI up 5.39 percent at 2,513.5 yen and SoftBank up 1.69 percent at 12,025 yen.

"The market had been worried about a possible price war breaking out among the carriers," said Seiichi Suzuki, senior market analyst at Tokai Tokyo Research Centre.

"But NTT Docomo came up with roughly the same offer as KDDI's, which indicated it wouldn't intend to wage a price war," he told AFP. "Worries have been erased for now."

On the contrary, selling hit Rakuten, an online retailing group which entered the mobile market recently. It lost 1.40 percent to 1,058 yen.

The dollar was trading at 111.98 yen against 112.03 yen in New York Monday afternoon.
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