Tokyo stocks open lower ahead of key US data, ECB

The benchmark Nikkei 225 index was down 0.13 per cent or 37.51 points at 28,823.29 in early trade, while the broader Topix index slipped 0.21 per cent or 4.14 points to 1,953.00. — Reuters pic
The benchmark Nikkei 225 index was down 0.13 per cent or 37.51 points at 28,823.29 in early trade, while the broader Topix index slipped 0.21 per cent or 4.14 points to 1,953.00. — Reuters pic

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TOKYO, June 10 ― Tokyo stocks opened lower today in cautious trade ahead of US inflation data and the European Central Bank's policy meeting later in the day.

The benchmark Nikkei 225 index was down 0.13 per cent or 37.51 points at 28,823.29 in early trade, while the broader Topix index slipped 0.21 per cent or 4.14 points to 1,953.00.

“Tokyo share trade is seen moving in a narrow range ahead of the key US consumer price index and the ECB meeting,” Okasan Online Securities said in a commentary.

The dollar fetched ¥109.62 in early Asian trade against ¥109.63 in New York late yesterday.

“The ECB is likely in no rush to deliver a taper message,” Tapas Strickland, senior analyst at National Australia Bank, said in a commentary.

“The key question is whether the ECB provides guidance on the pace of (asset) purchases” in the third quarter, he said.

The US consumer price data due later in the day could either exacerbate or mitigate inflation worries, analysts said.

Pharmaceutical firm Eisai dropped 5.48 per cent to ¥10,165 after double-digit rises to the day's cap in the two straight sessions following the US approval of the Alzheimer's drug it developed with Biogen.

Kewpie was up 1.64 per cent to ¥2,591 after a report said the Japanese mayonnaise maker has developed a vegan version of scrambled eggs that are made of soy beans.

Among other shares, Sony was up 0.56 per cent at ¥10,815 while Hitachi was down 1.40 per cent at ¥6,068 and Toyota was off 0.55 per cent at ¥9,852.

On Wall Street, the Dow ended down 0.4 per cent at 34,447.14. ― AFP

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