This file photo shows the Tokyo Stock Exchange. (Mainichi)
TOKYO (Kyodo) — Tokyo stocks were almost flat Tuesday morning, as selling after falls on Wall Street overnight was offset by buying of some exporters on a weaker yen.
The 225-issue Nikkei Stock Average fell 24.21 points, or 0.07 percent, from Monday to 34,255.71. The broader Topix index was up 1.33 points, or 0.05 percent, at 2,530.26.
The U.S. dollar briefly strengthened to the lower 141 yen range in Tokyo, as the dollar was sought after hitting a seven-month low in the mid-140 yen level the previous day, dealers said.
At noon, the dollar fetched 140.54-56 yen compared with 140.83-93 yen in New York and 140.55-57 yen in Tokyo at 5 p.m. Monday.
The euro was quoted at $1.1519-1522 and 161.89-95 yen against $1.1506-1516 and 162.18-28 yen in New York and $1.1554-1557 and 162.41-45 yen in Tokyo late Monday afternoon.
The Nikkei index mostly remained in negative territory, with heavyweight chip issues tracking losses in their U.S. counterparts after U.S. President Donald Trump again criticized Federal Reserve Chair Jerome Powell for not reducing interest rates.
His recent remarks on the Fed chief have stirred concern about the independence of the U.S. central bank and increased uncertainty about the Fed’s monetary policy, leading to sharp declines on Wall Street.
However, losses in Japanese stocks were limited as some export-linked auto issues climbed due to a weaker yen, which increases exporters’ overseas profits when repatriated.
Meanwhile, the benchmark price of gold set by Tokyo’s Tanaka Precious Metal Technologies Co. hit an all-time high in yen terms at 17,160 yen per gram, exceeding 17,000 yen for the first time.
The shift came as investors rebalanced to safe-haven assets amid wariness over the U.S. economy, analysts said.
AloJapan.com