Tokyo stocks open flat on virus worries

TOKYO: Tokyo stocks opened flat on Friday as investors weighed gains on Wall Street with worries over rising coronavirus infections in Japan.

The benchmark Nikkei 225 index inched down 0.03 percent, or 7.83 points, at 28,007.19 in early trade, while the broader Topix index was up 0.08 percent, or 1.56 points, at 1,955.11.

"The yen is a little cheaper against the dollar, and gains in all US three major indices are supporting the market," Mizuho Securities said.

Tokyo stocks close higher after US rallies

But "worries over expansion of Covid-19 in Japan" are still weighing on the market.

Profit-taking following rallies in individual shares on sound earnings are also capping rallies in the Japanese market, analysts said.

Morning trade lacked a clear sense of direction, with the Nikkei index hovering between positive and negative territories.

The dollar fetched 110.44 yen in early Asian trade, against 110.43 yen in New York.

In Tokyo, JFE Holdings rallied 6.35 percent to 1,609 yen after it reported a better-than-expected net profit for the first quarter and raised full-year forecasts.

Toshiba dropped 5.38 percent to 4,220 yen after the troubled industrial conglomerate said it will seek shareholder approval for a new chairman this year.

Among other major shares, Toyota was up 0.27 percent at 9,987 yen and Sony was up 0.78 percent at 11,090 yen, but Hitachi was down 0.25 percent at 6,264 yen.