Japanese shares open lower | Inquirer Business

Japanese shares open lower

/ 09:06 AM May 23, 2011

TOKYO – Tokyo shares opened 0.62 percent lower on Monday, tracking a decline on Wall Street last week.

The benchmark Nikkei index at the Tokyo Stock Exchange opened down 59.22 points at 9,483.77.

The Nikkei may lack direction Monday and is likely to remain in a similar state for the week, said Yumi Nishimura, senior market analyst at Daiwa Securities.

Article continues after this advertisement

Prime Minister Naoto Kan’s Group of Eight summit attendance in France this week means any key decisions on utilities and banks related to beleaguered Tokyo Electric Power (TEPCO) may be pushed back, she told Dow Jones Newswires.

FEATURED STORIES

TEPCO, the operator of the tsunami-crippled Fukushima Daiichi nuclear plant, after Friday’s market close posted a record $15 billion loss for the last business year to March.

The government has devised a scheme to help the utility compensate people affected by the nuclear crisis and called for assistance from creditor banks to the embattled company.

Article continues after this advertisement

TEPCO shares tumbled 4.63 percent to 350 yen in early trade.

Article continues after this advertisement

US stocks tumbled Friday as investors weighed falling profits at clothing retailers Gap and Aeropostale and a downgrade on Greece’s massive debt.

Article continues after this advertisement

The Dow Jones Industrial Average slid 93.28 points (0.74 percent) to end the day at 12,512.04.

The dollar was quoted at 81.70 yen in Tokyo morning trade, unchanged from New York late Friday.

Article continues after this advertisement

The euro was trading at $1.4125, slightly down from 1.4155.



Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Asia Australia - East Asia, Economy and Business and Finance, Markets & Exchanges, Stock Activity

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.