Tokyo stocks open lower on US monetary tightening fears

TOKYO, Jan 11, 2022 (BSS/AFP) – Tokyo stocks opened lower on Tuesday after Wall Street shares ended mostly down on worries over shifting US monetary policy to address inflation.

The benchmark Nikkei 225 index dropped 0.34 percent, or 97.76 points, to 28,380.80 in early trade, while the broader Topix index fell 0.05 percent, or 1.09 points, to 1,994.59.

“Japanese shares are seen starting with falls after the US Dow lost ground,” senior market analyst Toshiyuki Kanayama of Monex said.

“A better-than-expected US jobless rate prompted fears that the Federal Reserve may accelerate the normalisation of its monetary policy,” he added.

The dollar fetched 115.23 yen in early Asian trade, against 115.20 yen in New York late Monday.

Among major shares in Tokyo, Toyota was down 0.41 percent at 2,298 yen, Sony Group was off 0.65 percent at 14,445 yen and Fujitsu was 1.63 percent lower at 18,455 yen.

Nippon Paint nosedived 11.88 percent to 1,105 yen after it said it will offer $1.8 billion in overseas share sales.

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