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Tokyo stocks open flat ahead of Trump-Kim summit

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A pedestrian looks at an electronics stock indicator showing share prices on the Tokyo Stock Exchange in Tokyo on June 7, 2018. Tokyo’s benchmark Nikkei index rose for the fourth consecutive session on June 7, supported by a weak yen and Wall Street rallies. / AFP PHOTO / Kazuhiro NOGI

Tokyo stocks opened flat on Monday with investors cautious ahead of key events including a historic US-North Korea summit and central bank meetings of major economies this week.

The benchmark Nikkei 225 index edged down 0.02 percent or 3.59 points to 22,690.91 in early trade while the broader Topix index was up 0.03 percent or 0.56 points at 1,782.00.

“Japanese shares this week will be moving a step forward and a step back with eyes on events such as the US-North Korea summit” and the US Fed’s policy meeting on Tuesday, Okasan Online Securities said in a commentary.

Meetings of the European Central Bank and the Bank of Japan are also due later this week.

The dollar fetched 109.46 yen in early Asian trade, against 109.48 yen in New York late Friday.

As US President Donald Trump “did not mention the core of his trade policy during the G7 summit, excessive fears are receding,” Okasan’s chief strategist Yoshihiro Ito said in a commentary, adding that dealers still remain cautions ahead of key events this week.

Just minutes after a joint G7 communique was published Saturday in summit host city Quebec, Trump launched a Twitter broadside, saying he had instructed US representatives not to endorse the statement.

In Tokyo, automakers were mixed with Toyota losing 0.34 percent to 7,454 yen while Honda edged up 0.34 percent to 3,529 yen.

Sony rose 0.73 percent to 5,490 while game giant Nintendo was down 0.38 percent at 41,430 yen.

On Wall Street on Friday, the Dow closed up 0.3 percent at 25,316.53.


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