Tokyo Shares Open Lower

Tokyo, (UrduPoint / Pakistan Point News - 6th Mar, 2024) Tokyo shares opened lower Wednesday as global investors locked in profits after recent rallies.

The benchmark Nikkei 225 index dropped 0.60 percent, or 242.18 points, to 39,855.45 in early trade, while the broader Topix index eased 0.35 percent, or 9.54 points, to 2,710.39.

The Dollar stood at 150.02 yen, nearly flat from 149.97 Yen in New York.

US tech stocks fell overnight, with Apple shares dropping on news that iPhone sales in China were lower, serving as "a stark reminder of the ongoing trade tensions between the United States and China," Stephen Innes of SPI Asset Management said.

"If Donald Trump were to return to the White House and fulfil his promise to impose significant tariffs on Chinese goods, these tensions could escalate even further, and US tech investors could pay the price," Innes said.

Tokyo investors will watch to see if the Nikkei can find support after early selling, and if bargain-hunters return later in the day, brokerage house Monex said.

Players also will be paying close to attention to testimony by Fed chair Jerome Powell in Congress on Wednesday and Thursday.

SoftBank Group fell 1.47 percent to 8,876 yen. Semiconductor firm Tokyo Electron lost 0.43 percent to 39,280.

Uniqlo operator Fast Retailing dropped 1.26 percent to 43,720 yen. Nintendo was off 0.93 percent at 8,312 yen.

Toyota started lower but emerged above water and added 0.35 percent to 3,742 yen. The automaker said Monday that it was planning a fresh $2.2 billion investment in Brazil.