Tokyo stocks open down 1.02 percent
August 05, 2013
The benchmark Nikkei 225 index was down 147.95 points to 14,318.21 at the start. The dollar fell against the yen and other currencies on Friday as the US jobs report for July, released after Tokyo markets closed, came in weaker than expected.
A strong yen is bad for Japanese exporters as it makes their products less competitive abroad while reducing their income when repatriated.
Hiroichi Nishi, general manager of equities at SMBC Nikko Securities said "there also is some caution over stocks' having risen too sharply" in previous sessions.
Still, "falls are likely to be limited as uncertainty has broadly receded over the global economic outlook in recent weeks," he added.
The dollar fetched 98.86 yen in early Asian trade Monday, almost flat from 98.89 yen in New York Friday afternoon but sharply down from rates around 99.50 yen in Tokyo Friday.
The euro bought $1.3277 and 131.25 yen Monday against $1.3279 and 131.35
yen in US trade.
The Dow Jones Industrial Average gained 0.19 percent to a new closing high
of 15,658.36 on Friday despite the tepid jobs report.
Data from the US Labor Department showed the unemployment rate fell to 7.4
percent in July from 7.6 percent in June, but on the downside the world's largest economy added only 162,000 jobs, far short of expectations.
