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Tokyo stocks open lower as attention shifts to earnings

Tokyo - Tokyo stocks opened lower on Friday after drops on Wall Street, as investors waited for earnings reports by major companies starting next week.

The benchmark Nikkei 225 index slipped 0.26% to 22 132.49 in early trade while the broader Topix index was down 0.10% at 1 748.47.

"Investors are now focusing on (Japanese) company earnings for the year ending in March and forecasts for the current year," said Mutsumi Kagawa, chief global strategist at Rakuten Securities, in a client note.

"We should note that a solid global economy led by the United States often improves earnings of global companies."

Wall Street stocks retreated Thursday on worries about Apple following a weak outlook from supplier Taiwan Semiconductor Manufacturing.

In Tokyo, selling hit companies in the semiconductor and electronics companies.

Microchip-testing device maker Tokyo Electron fell 3.39% to ¥19 340 and TDK lost 2.64% to ¥9 560.

Sony was down 0.22% at ¥5 359.

Takeda sank 2.10% to ¥4 988 after it confirmed an unsuccessful $60bn takeover bid for Irish drugmaker Shire.

The proposal was rejected but "discussions between the parties regarding a potential offer are ongoing," the Japanese pharma giant said.

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