TOKYO:Tokyo stocks took disappointing start on Wednesday morning after a depressed session on Wall Street, while the Yen went higher against dollar
The Nikkei 225 index at the Tokyo Stock Exchange edged down 0.07 percent, or 12.91 points, to 17,394.71 by the break, while the Topix index of all first-section issues was down 0.01 percent, or 0.11 points, to 1,409.04.
The yen’s fall against the dollar, a positive for Japanese exporters, has helped boost share prices in the past weeks, but traders said the Japanese market was likely to move in a narrow range on Wednesday.
“There is going to be a limit to the dollar’s rise, and at some point the currency markets will reach a consolidation point,” said Hajime Kitano, Japan equity strategist at Barclays.
The “dollar-yen pair may be poised for a pullback soon”, he told Dow Jones Newswires.
In early Tokyo trade Wednesday the dollar bought 117.81 yen, down from 117.97 yen in New York.
In Tokyo share trading, Toyota edged up 0.01 percent to 7,191.0 yen, Sony was down 1.12 percent at 2,553.5 yen and Canon rose 0.10 percent to 3,779.0 yen.
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