This Article is From Jul 01, 2014

Tokyo Stocks Marginally Lower in Opening Trade


Tokyo stocks were slightly lower in opening trade on Tuesday with the yen remaining strong and the Bank of Japan's business sentiment survey showing the first downturn in six quarters.

The Nikkei 225 index was down 0.05 per cent, or 7.67 points, to 15,154.43 after the first 10 minutes of trade.

The dollar was at 101.29 yen in early Tokyo trade compared with 101.31 yen in New York Monday afternoon.

The euro was changing hands at $1.3690 and 138.69 yen against $1.3694 and 138.73 yen in US trade.

A closely watched quarterly report from the Bank of Japan released just before the stock market opened showed business confidence has sagged since a sales tax hike in April.

The reading for large manufacturers fell to plus 12 in the June survey from plus 17 in the March report, making the headline index suffer the first deterioration in six quarters.

Wall Street stocks turned in a mixed performance Monday to close a strong second quarter after US pending home sales jumped but automaker General Motors announced another massive auto recall.

The Dow Jones Industrial Average lost 0.15 per cent to 16,826.60, while the tech-rich Nasdaq Composite Index rose 0.23 per cent to 4,408.18.