TOKYO, Jan 5 ― Tokyo's benchmark Nikkei index opened flat today as investors digested the impact of a cheaper yen against the dollar.
The Nikkei 225 edged down 0.05 per cent, or 15.79 points, to 29,286.00 in early trade, while the broader Topix index was up 0.36 per cent, or 7.26 points, at 2,037.48.
“Profit-taking after recent rallies is seen weighing on the market, while the cheaper yen against the dollar has a mixed impact on Japanese companies,” chief strategist Ryuta Otsuka of Toyo Securities told AFP.
“A cheaper yen is a tailwind for automakers and other exporters, but for others it causes higher costs in resources and transportation,” he said.
The dollar fetched ¥116.15 (RM4.19) in early Asian trade, against ¥116.12 in New York late yesterday.
In Tokyo, Toyota rallied 4.16 per cent to ¥2,327.5 after latest figures showed the Japanese auto giant led US automobile sales in 2021, overtaking General Motors for the first time.
Its smaller rival Honda was up 2.37 per cent at ¥3,408 and Nissan rose 3.73 per cent to ¥612.1.
Some other exporters were also higher, with Nippon Steel trading up 2.49 per cent at ¥1,956.5, Sony Group gaining 1.44 per cent to ¥15,185, and Hitachi rising 3.21 per cent to ¥6,689.
Uniqlo casual wear operator Fast Retailing was off 0.23 per cent at ¥64,690 and beer brewer Asahi Group Holdings was down 1.58 per cent at ¥4,543. ― AFP
