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Tokyo stocks open lower after Wall Street tumbles

Dec 18 2018 08:20

Tokyo - Tokyo stocks opened lower on Tuesday, extending losses on Wall Street, as investors looked ahead to meetings of the US and Japanese central banks.

The benchmark Nikkei 225 index was down 1.07% or 230.76 points at 21 276.12 in early trade, while the broader Topix index was down 1.14% or 18.19 points at 1 576.01.

"Following falls in US shares, investors remain cautious about market prospects," said Okasan Online Securities in a commentary.

Investors "tend to take wait-and-see attitudes ahead of the Japanese and US central bankers' monetary policy meetings" as well as other key events such as the Congressional deadline for the US budget later this week, it said.

The US Federal Reserve meeting ends Wednesday and the Bank of Japan concludes on Thursday.

The dollar fetched ¥112.77 in early Asian trade, against ¥112.69 in New York.

In Tokyo, Hitachi was down 1.67% at ¥3 167 after it announced plans to buy a majority stake in the power grid business of Swiss-Swedish engineering giant ABB for $6.4bn.

Hitachi also said, according to the business daily Nikkei, it would seek financial support from the British government for its project to build nuclear plants in Britain.

Some blue-chip exporters were also lower.

Sony was down 3.28% at ¥5 647 and Panasonic was down 1.42% at ¥1071.5, while Toyota was down 0.78% at ¥6 786.

In New York, the Dow ended down 2.1% at 23 592.98.

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