TOKYO: Tokyo stocks fell Tuesday morning on early profit-taking as a strong yen and fall on Wall Street pulled the market lower, and after Moody’s downgraded Japan’s credit rating.
The Nikkei 225 index at the Tokyo Stock Exchange edged 0.02 percent, or 3.86 points, lower to 17,586.24 by the break, while the Topix index of all first-section issues was off 0.02 percent, or 0.29 points, at 1,421.36.
“Stocks remain slightly overbought and sensitive to the dollar, so the Nikkei is likely in for a sluggish start,” said Shunichi Otsuka, general manager of research and strategy at Ichiyoshi Asset Management.
In forex markets, the dollar was at 118.41 yen, nearly flat with 118.40 yen in New York and above the 119 yen level on Monday.A stronger yen is a negative for Japanese exporters as it makes them less competitive abroad and decreases profits when they are repatriated.
shanghai shares start week with losses 25 june 2018
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