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Tokyo stocks open lower as trade war fears linger

Jun 21 2018 07:37

Tokyo - Tokyo stocks opened lower on Thursday with worries lingering about a US-China trade war after new tariff threats from Washington.

The benchmark Nikkei 225 index edged down 0.23% or 52.89 points to 22 502.54 in early trade, while the broader Topix index was down 0.16% or 2.78 points at 1 749.97.

The dollar fetched ¥110.41 in early Asian trade, up from ¥110.05 in New York late on Wednesday.

The Nikkei and Topix both rebounded to positive territory briefly before falling again as "concerns over protectionist trade policies are lingering but have been digested in the market," senior market advisor Kyoko Amemiya of SBI Securities told AFP.

The cheaper yen against the dollar is supporting the market along with expectations for dividend payments as firms hold general shareholders meetings, she added.

Takeda Pharmaceutical rallied 3.95% to ¥4 472 after its chief executive said the company was boosting its business in China.

Sony rallied 2.31% to ¥5 529 and SoftBank gained 1.71% to ¥8 401 while Olympus lost 0.36% to ¥4 114 and Nissan fell 0.27% to ¥1 078.

In New York on Wednesday, the Nasdaq jumped to a fresh record while the Dow continued to be weighed down by trade war anxiety, closing down 0.2% at 24 657.80.

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