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Tokyo stocks open down 1%, extending global rout

Oct 12 2018 07:35

Tokyo - Tokyo's key Nikkei index opened down 1% on Friday, extending losses on global bourses amid lingering worries about higher interest rates and trade wars.

The benchmark Nikkei 225 index, which plunged 3.89% the previous day, was down 1.06%, or 239.23 points, at 22 351.63 at the open, while the broader Topix index was down 0.66% or 11.18 points at 1 690.68.

"Markets are finding themselves in a total state of discombobulation as we mercifully head towards the weekend," Stephen Innes, head of trading for Asia Pacific at Oanda, said in a commentary ahead of the opening bell.

"There have been multiple train wrecks over the past 24 hours, and the continuous wall of worry around US yields and US-China tension still weighs on equity sentiment," he said.

However a slow-down in the yen's appreciation may offer some support to Japanese shares in later trade, analysts in Tokyo said.

And around half an hour into trade, the index was down only 0.2%.

The dollar fetched ¥112.19 in early Asian trade, against ¥112.07 in New York ¥112.17 in Tokyo late on Thursday.

In individual stocks trade, banks were among the losers, with Mitsubish UFJ Financial down 1.61% at ¥6 829 and Sumitomo Mitsui Financial down 1.46% at ¥4 429.

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equities  |  currency  |  markets  |  tokyo stocks
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