A woman walks by an electronic stock board of a securities firm in Tokyo on Thursday, March 20, 2014. Asian stocks inched down Thursday after comments from the new head of the Federal Reserve suggested US interest rates could rise sooner than financial markets were anticipating. AP FILE PHOTO
TOKYO–Tokyo stocks opened 0.32 percent lower on Friday after a lackluster performance on Wall Street and as the yen inched higher on upbeat data that showed Japan’s bid to reach lasting inflation was gathering steam.
The Nikkei 225 index slipped 46.64 points to 14,576.25 at the start.
Just before the market opened, the Japanese government released February inflation and unemployment data with consumer prices rising for the ninth consecutive month while the jobless rate fell to a more than a six-year low.
Consumer prices, excluding volatile fresh food prices, rose 1.3 percent on year in February, matching expectations from the Bank of Japan which has targeted a 2.0 percent inflation rate by next year — aimed at reversing years of falling prices which hampered growth.
The inflation data are seen as key to whether the BoJ unleashes further monetary easing measures with a weak reading suggesting more policy moves, which tend to weigh on the yen.
But the upbeat data Friday was positive for the Japanese currency as it strengthened in forex trading, which in turn is bad for Japanese exporters’ profitability.
In Tokyo, the dollar fetched 102.10 yen early Friday against 102.17 yen in New York Thursday afternoon.
The euro bought $1.3740 and 140.30 yen compared with $1.3742 and 140.41 yen.
US stocks closed in the red on Thursday, with the tech-rich Nasdaq leading the losses for a second straight day as investors weighed a batch of mixed economic data.
The Dow Jones Industrial Average slipped 0.03 percent to 16,264.23 while the tech-rich Nasdaq Composite Index tumbled 0.54 percent to 4,151.23.