Tokyo stocks open lower on profit-taking

A pedestrian walks past stock and currency indicators being displayed in a window of a securities company in Tokyo on October 1, 2018.Japanese shares powered to a new 27-year high on October 1 after the US and Canada clinched a long-awaited trade deal, but other Asian equity markets struggled in subdued holiday trading. / AFP PHOTO / Martin BUREAU

Tokyo stocks opened lower on Wednesday after the benchmark Nikkei index hit a fresh 27-year high earlier this week, with investors seen taking profits.

The key Nikkei 225 index slipped 0.18 percent or 44.12 points to 24,226.50 in early trade, while the broader Topix index was down 0.15 percent or 2.67 points at 1,821.36.

“Profit-taking sales are growing and we will likely see a lull in Japanese shares,” Okasan Online Securities said in a commentary.

“While the yen’s depreciation has slowed after it touched the 114 yen level (against the dollar earlier this week), there are few other market-moving events,” it noted.

Investors were also awaiting key US jobs data due this weekend, analysts said.

The dollar fetched 113.59 yen in early Asian trade, against 113.68 yen in New York late Tuesday.

In Tokyo, blue-chip exporters were lower, with Toyota trading down 1.39 percent at 7,075 yen, Honda 2.66 percent at 3,393 yen, Sony off 1.62 percent at 6,725 yen and Panasonic down 1.67 percent at 1,348.5 yen.

In New York, the Dow closed up 0.5 percent at a fresh record of 26,773.94.

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