Tokyo markets open at lower levels IG News

Tokyo: Stocks in Tokyo opened lower on Tuesday as investors looked for new clues, ahead of a major international meeting of central banks this month and the next US Fed meeting in September.

The benchmark Nikkei 225 index slipped 0.17 per cent, or 48.10 points, to 28,823.68 in early trade, while the broader Topix index fell 0.23 per cent, or 4.61 points, to 1,980.35.

The dollar fell from 133.33 yen to 132.97 yen in New York on Monday.

Okasan Online Securities said the Tokyo market is expected to take “a step forward and a step back” after active buying by foreign investors over the past two months.

“In other words, the space for further buying is becoming narrower,” the brokerage said. “The Nikkei average may be tentatively weighed at the top end of its range.”

Tokyo shares close higher after US gains

Markets remained focused on the next meeting of the US Federal Reserve in September, it said, adding that all eyes are on the pace of central bank rate hikes to tackle inflation.

But before that, investors will monitor other key US data such as retail sales, along with events such as the Jackson Hole symposium of international central bankers next week, Okasson said.

Among major stocks, SoftBank Group was down 1.51 per cent at 5,811 yen and Toyota was down 0.87 per cent at 2,114 yen.

Advantest, which makes test kits for semiconductors, rebounded from the red and rose 0.59 percent to 8,500 yen.

Uniqlo operator Fast Retailing reversed from the previous day’s close and rose 0.07 percent to 85,230 yen in morning trading.

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