TOKYO: Tokyo stocks drifted lower at the open on Wednesday, weighed down by a higher yen amid a dearth of fresh market-moving events.
The benchmark Nikkei 225 index was down 0.39 percent or 84.03 points at 21,670.24 in early trade, while the broader Topix index was lower by 0.60 percent or 9.54 points at 1,580.30.
Even though the US market rallied despite few new market-moving events, "the Japanese market is seen weighed down by a higher yen" against the dollar, Toshiyuki Kanayama, senior market analyst at Monex, said in a commentary.
The dollar fetched 107.78 yen in early Asian trade, down from 107.88 yen in New York and 108.33 yen in Tokyo on Tuesday.
Oil-linked shares were lower following a slump in crude prices, with oil developer JXTG trading down 3.63 percent at 522.1 yen and Japan Petroleum Exploration down 3.10 percent at 2,466 yen.
Banks were among the losers on worries over sagging profits as yields on the US long-term bond remained low.
Mitsubishi UFJ Financial was down 1.23 percent at 518.1 yen and Sumitomo Mitsui Financial down 1.27 percent at 3,809 yen.
On Wall Street, the Dow ended up 0.2 percent at 26,786.68.
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