Japanese shares open lower
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.
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.
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.
TEPCO shares tumbled 4.63 percent to 350 yen in early trade.
US stocks tumbled Friday as investors weighed falling profits at clothing retailers Gap and Aeropostale and a downgrade on Greece’s massive debt.
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.
The euro was trading at $1.4125, slightly down from 1.4155.
