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TOKYO: Tokyo shares opened lower Thursday on receding hopes for a breakthrough in the war in Ukraine and ahead of the Tokyo Stock Exchange’s market realignment next week.

The benchmark Nikkei 225 index gave up 0.79 percent, or 221.22 points, to 27,806.03 in early trade, while the broader Topix index fell 0.80 percent, or 15.83 points, to 1,951.77.

The dollar fetched 122.04 yen, up from 121.79 yen in New York late Wednesday.

Extending falls on Wall Street, the Nikkei opened lower as scepticism over Ukraine peace prospects weighed on investor sentiment.

Tokyo stocks fall further on oil prices, yen

Market expectations for progress in Russia-Ukraine negotiations are ebbing, after both sides struck a negative tone with Kremlin officials saying there was nothing “too promising” in the discussions.

“Talks have been deemed positive, but many traders are expecting a prolonged period before a breakthrough in reaching a peace agreement,” Oanda’s Edward Moya said.

Meanwhile, a wait-and-see attitude appeared to take hold as the Tokyo Stock Exchange braces for a restructuring next week that is seen as an attempt to improve corporate governance and lure more global investors.

“A desire to see how the TSE reorganisation will unfold next week is at play, and this will be a day to build up strength for the coming week and beyond,” Okasan Online Securities said.

Among major shares in Tokyo, Softbank Group lost 0.33 percent to 5,613 yen, Sony Group dropped 0.34 percent to 12,890 yen and Toyota gave up 0.22 percent to 2,213.5 yen.

Uniqlo operator Fast Retailing fell 0.68 percent to 62,520 yen. Toshiba sank 0.61 percent to 4,683 yen.

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