Tokyo stocks open lower ahead of BoJ decision

Tokyo: Tokyo stocks opened lower on Tuesday in cautious trade as investors waited for the Bank of Japan’s policy decision later in the day.

The benchmark Nikkei 225 index was down 0.40 percent, or 90.66 points, at 22,454.18 in early trade, while the broader Topix index slipped 0.36 percent, or 6.44 points, to 1,761.71.

The dollar fetched 110.94 yen in early Asian trade, against 111.00 yen in New York late Monday.

“Japanese stocks trade today depends on the result of the Bank of Japan policy making meeting,” Okasan Online Securities said in a commentary.

Its chief strategist Yoshihiro Ito added that early trade was cautious ahead of the Bank’s decision, while bargain hunting for individual shares with brisk earnings reports remained active.

On Wall Street, US tech equities suffered another significant tumble on worries of slowing growth in the influential sector, with the tech-rich Nasdaq Composite Index in New York shedding 1.4 percent while the Dow closed down 0.6 percent.

In Tokyo, Panasonic was up 0.13 percent at 1,434 yen while Sony was down 0.95 percent at 5,809 yen ahead of their April-June earings reports later Tuesday.

Automakers were mixed, with Toyota edging down 0.84 percent to 7,430 yen and Nissan gaining 0.47 percent to 1,060 yen.