Japanese shares open lower

TOKYO – Tokyo shares opened 0.34 percent lower Monday with thin trade expected because of a lack of fresh buying incentives and holidays in major overseas markets.

The benchmark Nikkei index opened down 32.16 points at 9,489.78.

The Nikkei could trade in a 9,450-9,600 range as investors await a string of key Japanese and US data due later this week including domestic industrial output figures and a US jobs report, brokers said.

“There continues to be a lack of buying incentives at home while concerns about a slowdown in the global economy and European debt problems still weigh on the market,” said Hiroichi Nishi, general manager at SMBC Nikko Securities.

Investors are also unlikely to trade in large volumes with US and UK markets closed Monday for public holidays, he told Dow Jones Newswires.

US stocks closed higher Friday helped by strong gains by banking and finance shares amid thin trade before the long Memorial Day holiday weekend.

The Dow Jones Industrial Average closed up 38.82 points (0.31 percent) at 12,441.58.

The dollar firmed to 80.89 yen in early Tokyo trade from 80.77 yen in New York late Friday.

The euro fell to $1.4284 from $1.4317.