TOKYO, Nov 19 ― Tokyo stocks opened flat today in cautious trade after a mixed Wall Street close, with investors weighing the impact of fresh Japan stimulus to be announced later in the day.
The benchmark Nikkei 225 index was up 0.04 per cent or 12.30 points at 29,610.96 in early trade, while the broader Topix index was up 0.02 per cent or 0.34 points at 2,035.86.
“Hopes for the economic stimulus and prospects that major automakers will return to normal output (after supply-chain issues and chip shortage) are supporting the market, while worries over US inflation are a burden” on the Japanese market, Mizuho Securities said in a commentary.
The dollar fetched ¥114.28 (RM4.17) in early Asian trade, against ¥114.25 in New York late yesterday.
Prime Minister Fumio Kishida's government is expected to announce plans for a record ¥55.7 trillion yen ($490 billion) stimulus to support Japan's economy, which saw a worse-than-expected contraction in the third quarter to September due to the pandemic.
The overall size of the stimulus is calculated at ¥78.9 trillion if low-rate loans and funds are included, local media reported.
In Tokyo, Mizuho Financial Group was down 1.99 per cent at ¥1,456.5 after reports said its Chief Executive Officer Tatsufumi Sakai will step down in the wake of multiple technical failures that drew criticism from the government.
Nissan was up 0.71 per cent at ¥639.1 after a US brokerage firm revised up its evaluation of the automaker's shares.
Its rivals were mixed, with Honda trading up 1.83 per cent at ¥3,286 but Toyota trading down 0.75 per cent at ¥2,108.5.
Among others, Canon was up 1.14 per cent at ¥2,606 but Uniqlo casual wear operator Fast Retailing was down 0.43 per cent at ¥73,750 and airline ANA Holdings was down 1.03 per cent at ¥2,701.5. ― AFP
