Tokyo stocks open lower with eyes on China data

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View of Mt. Fuji and Tokyo skyline at dusk.
View of Mt. Fuji and Tokyo skyline at dusk.
  • Tokyo stocks opened lower on Wednesday, tracking falls on Wall Street.
  • The benchmark Nikkei 225 index was down 0.81% at 29 192.98 in early trade, while the broader Topix index slipped 0.91% to 1 959.78.
  • Mitsubishi UFJ Financial was down 2.50% at 600.1 yen after it warned it could face a $300 million loss in its dealings with a US client.


Tokyo stocks opened lower on Wednesday, tracking falls on Wall Street where rising bond yields renewed inflation concerns, with investors also focused on Chinese data due later in the day.

The benchmark Nikkei 225 index was down 0.81% or 239.72 points at 29 192.98 in early trade, while the broader Topix index slipped 0.91% or 18.08 points to 1 959.78.

"Japanese shares are seen starting with losses following a rout in the US market... with investor eyes on China's manufacturing and non-manufacturing PMIs" due during morning trade, Toshiyuki Kanayama, senior market analyst at Monex, said in a note.

The dollar fetched 110.40 yen in early Asian trade, against 110.38 yen in New York late Tuesday after the greenback broke through the 110 yen barrier for the first time in a year.

In Tokyo, Mitsubishi UFJ Financial was down 2.50% at 600.1 yen after it warned it could face a $300 million loss in its dealings with a US client.

The announcement came after Japan's Nomura and Switzerland's Credit Suisse warned they faced significant losses after reports of their exposure to a US fund that sold billions in stocks last week.

Mitsubishi UFJ rival Sumitomo Mitsui Financial was also down 2.06% at 4 045 yen.

Renesas Electronics was down 1.91% at 1 179 yen after it said it could take three to four months to fully recover from a fire at one of its plants that threatens to worsen a global semiconductor shortage plaguing automakers.

Among other shares, Sony was up 1.39% at 11 655 yen and Toyota was up 2.31% at 8 555 yen.

On Wall Street, the Dow ended down 0.3% at 33 066.96.

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