Tokyo stocks close lower as yen firms

TOKYO: Tokyo stocks closed lower on Thursday with early gains wiped out as the yen edged up against the dollar.

The benchmark Nikkei 225 index slipped 0.20 percent, or 45.11 points, to end at 22,868.71. The broader Topix index was down 0.25 percent or 4.49 points at 1,813.11.

The dollar slipped to 113.60 yen in late afternoon trade in Tokyo, down from above the 114 yen level earlier Thursday and 113.87 yen reached in New York on Wednesday.

“Markets are awaiting fresh factors… and are closely watching the fate of US tax reform,” Mizuho Securities said in a statement.

Japans Nikkei Edges Higher On Weaker Yen

Trade was mixed with some individual shares moving dramatically on earnings reports.

Electronic parts maker Minebea Mitsumi surged 9.55 percent to 2,419 yen after it revised its annual profit forecast upwards.

But Sumitomo Rubber Industries dropped 7.21 percent to 1,992 yen after it reported a near 30-percent fall in operating profit in the first half to September.

Bridgestone closed down 3.23 percent at 5,417 yen ahead of its earnings reports after the market close.

Meanwhile, Toshiba closed 2.49 percent lower at 313 yen, after the troubled Japanese conglomerate said it logged a net loss of 49.7 billion yen ($436 million) for the fiscal first half, as it moves to complete the multi-billion-dollar sale of its chip business to restore its balance sheet.

Source: Brecorder.com