Tokyo stocks open lower weighed by higher yen

Tokyo stocks opened lower as a relatively higher yen against the dollar weighed on the market despite rallies in New York. The benchmark Nikkei 225 index was down 0.15 percent or 32.12 points at 21,655.45 in early trade, while the broader Topix index was lower by 0.26 percent or 4.19 points at 1,603.47. The market shrugged off news that European leaders agreed with Britain on Thursday to delay Brexit by up to six months, saving the continent from what could have been a chaotic no-deal departure at the end of the week.

British Prime Minister Theresa May said Thursday that Britain might still
manage to execute an orderly departure from the European Union by May 22,
despite the deal struck during late night talks in Brussels.

The dollar fetched 111.07 yen in early Asian trade against 111.00 yen in
New York.

The British pound was little moved against the dollar, changing hands at
$1.3096 yen, against $1.3091 in New York.

“The Japanese stocks market is seen dominated by profit-taking sales on
worries over small US stocks moves and a higher yen,” Yoshihiro Ito, chief
strategist at Okasan Online Securities, said in a commentary.

In Tokyo, electronic mall operator Rakuten was down 4.80 percent at 1,070
yen, mega bank Mitsubishi UFJ Financial was off 2.28 percent at 547.8 yen and
electronic parts maker Murata Manufacturing was lower by 1.65 percent at
5,795 yen.

On Wall Street, the Dow ended up less than 0.1 percent at 26,157.16.