Tokyo stocks open lower on profit-taking

TOKYO: Tokyo stocks opened lower on Thursday with investors locking in profits following falls on Wall Street as US lawmakers disagreed over a proposed stimulus package.

The benchmark Nikkei 225 index slipped 0.42 percent or 113.38 points to 26,704.56 in early trade, while the broader Topix index was down 0.19 percent or 3.39 points at 1,776.03.

"Japanese shares are dominated by sell orders on profit-taking as falls in US stocks are weighing on the market," said Yoshihiro Ito, senior strategist at Okasan Online Securities.

"Expectations are high that the US Congress will reach an early agreement on a stimulus," he said, but added that "US shares dropped as investors disliked uncertainty over negotiations on the economic relief package".

The dollar fetched 104.29 yen in early Asian trade, against 104.21 yen in New York late Wednesday.

In Tokyo, chip-linked shares were lower, with chip-testing equipment maker Advantest dropping 3.07 percent to 7,590 yen and chip-making equipment manufacturer Tokyo Electron down 2.07 percent to 36,400 yen.

Some high-tech shares were also lower, with Olympus slipping 0.91 percent to 2,229.5 yen and electronic components maker Murata Manufacturing down 2.73 percent at 8,720 yen.

Sony was down 0.81 percent at 9,792 yen after it announced it had agreed to buy US anime streaming giant Crunchyroll from AT&T for $1.17 billion.

On Wall Street, the Dow ended down 0.4 percent at 30,068.81.