Tokyo stocks open lower on worries over economy

The benchmark Nikkei 225 index was down 1.76 per cent or 383.80 points at 21,394.81 in early trade, while the broader Topix index was down 1.74 per cent or 27.73 points at 1,568.56. — Reuters pic
The benchmark Nikkei 225 index was down 1.76 per cent or 383.80 points at 21,394.81 in early trade, while the broader Topix index was down 1.74 per cent or 27.73 points at 1,568.56. — Reuters pic

TOKYO, Oct 3 ― Tokyo stocks opened lower today following losses on Wall Street after lacklustre US jobs data exacerbated recession fears.

The benchmark Nikkei 225 index was down 1.76 per cent or 383.80 points at 21,394.81 in early trade, while the broader Topix index was down 1.74 per cent or 27.73 points at 1,568.56.

“The Japanese market is falling sharply, pressured by sell-offs in US shares and a higher yen,” Toshiyuki Kanayama, senior market analyst at Monex, said in a commentary.

Wall Street stocks tumbled yesterday after payrolls firm ADP estimated the US added 135,000 private-sector jobs in September ― the figure below market expectations bolstering anxiety over the US economy.

The dollar fetched ¥107.07 (RM4.19) in early Asian trade, against ¥107.16 in New York late yesterday.

Indices were lower elsewhere in the region too, with Australia's ASX down 2.4 per cent shortly after the open.

In Tokyo, shares were lower across the board, with Toyota dropping 2.13 per cent to ¥7,006, Honda dipping 2.44 per cent to ¥2,749, Panasonic trading down 2.36 per cent at ¥880.4 and Hitachi off 1.89 percent at ¥3,996.

Kansai Electric was down 0.82 per cent at ¥1,255.5 after the company admitted two executives who were responsible for its nuclear business both received more than ¥100 million in gifts from a former official of a town hosting one of its nuclear plants.

The utility disclosed additional information on the scandal involving more than a dozen officials on Wednesday, but its chief executive officer refused to step down.

Tokyo Electric was down 1.86 per cent at ¥577.

In New York, the Dow ended down 1.9 per cent at 26,078.62. ― AFP

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