Tokyo Stocks Open Lower On Strong Yen, US Falls

Tokyo stocks open lower on strong yen, US falls

Tokyo, (UrduPoint / Pakistan Point News - 22nd Oct, 2020 ) :Tokyo stocks opened lower on Thursday weighed down by a higher Yen against the Dollar and falls on Wall Street.

The benchmark Nikkei 225 index was down 0.44 percent or 104.09 points at 23,535.37 in early trade, while the broader Topix index slipped 0.58 percent or 9.51 points to 1,628.09.

"Japanese shares are seen led by profit-taking as investors were disheartened by falls in US shares," Okasan Online Securities chief strategist Yoshihiro Ito said in a commentary.

Investors' focus remains "on the fate of a US economic stimulus and their cautious attitude will continue until its conclusion", he added.

US stock markets slid and the dollar faltered as an upbeat mood in Washington over the chances of a new stimulus package petered out.

The dollar fetched 104.

50 yen in early Asian trade, against 104.58 yen in New York late Wednesday.

In Tokyo, ANA Holdings was down 2.81 percent at 2,348.5 yen after reports said the airline has decided to retire half of its wide-body fleet, losing around 25 to 30 planes.

ANA is also predicting a record full-year net loss of about 530 billion yen ($5 billion), Kyodo news reported, while broadcaster NHK and others said the airline would suspend most of its international routes in and out of Tokyo Narita, and concentrate on routes at Tokyo Haneda instead.

Its rival Japan Airlines was down 2.65 percent at 1,984 yen.

Pharmaceuticals were also lower, with Eisai trading down 1.76 percent at 8,419 yen and Takeda Pharmaceutical down 1.89 percent at 3.470 yen.

On Wall Street, the Dow ended down 0.4 percent at 28,210.82.