Tokyo stocks open lower ahead of BoJ decision

By : AFP

Date: 31 July 2018 2:22pm WAT

A pedestrian walks past an electronics stock indicator showing share prices on the Tokyo Stock Exchange (L) and New York Dow Jones closing numbers (R) 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

Pedestrians walk past an indicator for the numbers on the Tokyo Stock Exchange at a securities company in Tokyo on July 9, 2018.
Tokyo stocks opened higher on July 9, extending rallies in New York with the cheaper yen also supporting the market. / AFP PHOTO / Toshifumi KITAMURA

Tokyo stocks opened lower on Tuesday in cautious trade as investors waited for the Bank of Japan’s policy decision later in the day.

The benchmark Nikkei 225 index was down 0.40 percent, or 90.66 points, at 22,454.18 in early trade, while the broader Topix index slipped 0.36 percent, or 6.44 points, to 1,761.71.

The dollar fetched 110.94 yen in early Asian trade, against 111.00 yen in New York late Monday.

“Japanese stocks trade today depends on the result of the Bank of Japan policy making meeting,” Okasan Online Securities said in a commentary.

Its chief strategist Yoshihiro Ito added that early trade was cautious ahead of the Bank’s decision, while bargain hunting for individual shares with brisk earnings reports remained active.

On Wall Street, US tech equities suffered another significant tumble on worries of slowing growth in the influential sector, with the tech-rich Nasdaq Composite Index in New York shedding 1.4 percent while the Dow closed down 0.6 percent.

In Tokyo, Panasonic was up 0.13 percent at 1,434 yen while Sony was down 0.95 percent at 5,809 yen ahead of their April-June earings reports later Tuesday.

Automakers were mixed, with Toyota edging down 0.84 percent to 7,430 yen and Nissan gaining 0.47 percent to 1,060 yen.

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