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Tokyo stocks open lower extending loss in US

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Pedestrians walk past an electronic indicator showing a foreign exchange rate against the US dollar in Tokyo on May 24, 2018.<br />Tokyo’s benchmark Nikkei index fell for the third consecutive session on May 24, with automakers battered by news that Washington was considering possible tariffs on automobile imports. / AFP PHOTO / Kazuhiro NOGI

Tokyo stocks opened lower on Friday, extending falls in New York on worries prompted by a report that new US tariffs on China are imminent.

The benchmark Nikkei 225 index was down 0.53 percent, or 121.45 points, at 22,748.05 in early trade, while the broader Topix index was down 0.49 percent, or 8.50 points, at 1,730.64.

“A wait-and-see attitude is seen dominating the Tokyo market following falls on US and European bourses, with sell orders leading the trade,” SBI Securities said in a commentary.

A higher yen against the dollar is weighing on exporters, it added.

The dollar changed hands at 110.94 yen in early Asian trade, down from 111.01 yen in New York late Thursday.

On Wall Street, stocks closed lower on investor profit-taking from a record-setting rally, and on news that President Donald Trump’s next round of punitive tariffs on China could hit as soon as next week.

In Tokyo, automakers were among the losers, with Honda dropping 1.43 percent to 3,308 yen, Toyota falling 0.99 percent to 6,933 yen and Nissan declining 0.66 percent to 1,041 yen.

Panasonic lost 1.00 percent to 1,333 yen while Rohm, a maker of chips and other electronic parts, fell 1.29 percent to 9,910 yen and Advantest, maker of chip testing devices, was down 1.65 percent at 2,607 yen.

Oil refiner and wholesaler JXTG was down 0.86 percent at 793.3 yen after a report said that it will stop importing oil from Iran in October.

In New York, the Dow ended down 0.5 percent at 25,986.92 points.


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