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Tokyo stocks open lower on caution before key diplomatic events

Jun 08 2018 07:34

Tokyo - Tokyo stocks opened lower on Friday after a string of gains this week, with investors seeming cautious ahead of potentially contentious G7 talks and a historic US-North Korea summit.

The benchmark Nikkei 225 index, which has closed up for four consecutive days, slipped 0.07% or 15.34 points to 22 807.92 in early trade while the broader Topix index was down 0.22% or 3.95 points at 1 785.06.

"Tokyo stocks will likely move narrowly after opening lower," SBI Securities in a commentary.

"A wait-and-see mood is likely to spread as it is difficult to take positions actively as investors wait for the outcome of the G7 meeting in Canada (this weekend) and the US-North Korea summit on Tuesday," it said.

The dollar was trading at ¥109.72 against ¥109.73 in New York on Thursday afternoon.

Market players largely shrugged off Japanese data that confirmed the world's third largest economy slid into negative territory for the first time in two years at the beginning of the year.

Honda climbed 0.48% to ¥3 553 after the Japanese carmaker announced it would team up with US auto giant General Motors to develop next-generation battery components for electric vehicles.

Toyota was down 0.34% to ¥7 501 and Nissan lost 0.45% to ¥1 098.

Banks were also lower with Mitsubishi UFJ Financial down 0.64% at ¥677.9.

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markets  |  tokyo stocks  |  equiities
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