Tokyo’s Nikkei index opens marginally lower

A man is reflected in an electronic stock quotation board outside a brokerage in Tokyo. — Reuters pic
A man is reflected in an electronic stock quotation board outside a brokerage in Tokyo. — Reuters pic

TOKYO, June 18 — Tokyo’s key Nikkei stocks index opened slightly lower today, as investors took to the sidelines ahead of results from the US Federal Reserve’s meeting this week.

The benchmark Nikkei 225 index was down 0.08 per cent or 15.99 points at 21,108.01 in early trade, while the broader Topix Index was up 0.05 per cent or 0.77 points at 1,540.51.

The US market ended modestly higher amid investor caution ahead of a highly anticipated Federal Reserve meeting, which is expected to give further hints about what would be the central bank’s first rate cut in more than a decade.

The Fed raised rates nine times over the last three and a half years as the economy recovered and put millions of Americans back to work.

But President Donald Trump’s aggressive tariff policies have shaken confidence and some central bankers have begun to acknowledge a chill in the air.

“As US shares closed up but only by a very small margin, the Japanese market will likely be dominated by a wait-and-see attitude,” Yutaka Masushima, market analyst at Monex, said in a commentary.

The dollar fetched 108.52 yen in early Asian trade, against 108.53 yen in New York late yesterday.

In Tokyo, exporters were mixed with some bargain-hunting purchases supporting the stock.

Sony was down 0.90 per cent at 5,584 yen while Panasonic was up 1.21 per cent at 868 yen and Toyota was up 0.83 per cent at 6,783 yen.

Market heavyweight and Uniqlo casual-wear operator was down 0.40 per cent at 66,660.

On Wall Street, the Dow closed up 0.1 per cent at 26,112.53. — AFP

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