TOKYO: Tokyo stocks opened lower on Thursday as investors locked in profits after recent gains.
The benchmark Nikkei 225 index slipped 0.16% or 34.75 points to 21,678.46 in early trade while the broader Topix index was down 0.20% or 3.27 points at 1,618.50.
“Stocks had risen on hopes for progress in US-China trade talks and market players are now taking profits,“ said Makoto Sengoku, market analyst at Tokai Tokyo Research Centre.
The yen had been dropping against the dollar in a positive move for Japanese exporters but the downswing has now taken a breather, he added.
The dollar was trading at 111.40 yen against 111.48 yen in New York Wednesday afternoon.
Shares in Nissan rose 0.54% to 943.4 yen after former chief Carlos Ghosn was rearrested early Thursday on fresh financial misconduct allegations.
“The fate of Mr Ghosn himself hardly moves the shares any longer,“ Sengoku told AFP. “Market attention has shifted to how Nissan will rehabilitate itself from here,“ he said.
Nissan stayed away from commenting specifically on Ghosn’s rearrest but said “the company’s focus remains on addressing weaknesses in governance that enabled this misconduct.”
Toyota was also up 0.47% at 6,760 yen while Sony was down 0.14% at 4,718 yen. — AFP
