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Tokyo Stocks Open Lower After US Losses

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Tokyo stocks opened lower Wednesday on the first trading day of the year, after Wall Street ended down, with investors eyeing the appreciation of the yen. news online

The benchmark Nikkei 225 index dropped 1.60 percent, or 417.82 points, to 25,676.68 in early trade, while the broader Topix index lost 1.45 percent, or 27.37 points, to 1,864.34.

“Today’s markets are expected to start lower due to the Dow index falling… at the end of last year and yesterday, and the strengthening of the yen against the dollar,” senior market analyst Toshiyuki Kanayama of Monex said in a commentary.

US shares ended lower on Tuesday, with investors still wary of a recession and further interest rate hikes to come.

The Dow Jones Industrial Average ended flat while the broad-based S&P 500 slumped 0.4 percent.

The tech-rich Nasdaq Composite Index dropped 0.8 percent.

The dollar, which eased to 129.52 yen on Tuesday, traded at 131.07 yen, slightly up from 130.92 yen in New York.

In Tokyo trading, Uniqlo operator Fast Retailing fell 1.06 percent to 79,670 yen while SoftBank Group slid 0.92 percent to 5,592 yen.

Nissan lost 1.31 percent to 412.6 yen while Toyota was down 0.68 percent to 1,800 yen.

But Sony Group added 1.34 percent to 10,170 yen.

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