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Markets

Tokyo stocks open lower with eyes on China data

  • Mitsubishi UFJ rival Sumitomo Mitsui Financial was also down 2.06 percent at 4,045 yen.
Published March 31, 2021
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TOKYO: 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 percent or 239.72 points at 29,192.98 in early trade, while the broader Topix index slipped 0.91 percent 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 percent 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 percent at 4,045 yen.

Renesas Electronics was down 1.91 percent 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 percent at 11,655 yen and Toyota was up 2.31 percent at 8,555 yen.

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

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