Tokyo stocks open down 0.34 percent

TOKYO: Tokyo stocks opened 0.34 percent lower on Thursday after the yen strengthened against the dollar, putting pressure on Japanese exporters.

The Nikkei 225 index was down 52.55 points at 15,482.27 at the start. "There remains a lack of trading incentives, while the dollar is meeting resistance above the 104-yen mark, which invites profit-taking," said Hiroichi Nishi, general manager of equities at SMBC Nikko Securities.

The dollar fetched 103.87 yen in early Asian trade, creeping up from 103.86 yen in New York on Wednesday afternoon but down from 104.01 yen in Tokyo earlier Wednesday.

A strong yen works against Japanese exporters as it makes their products less competitive abroad and erodes profits when repatriated.

The euro bought $1.3188 and 136.98 yen on Thursday, down from $1.3195 and 137.05 yen in US trade.

Wall Street shares ended little-changed on Wednesday, one day after the S&P 500 closed above the 2,000 milestone for the first time.

The broad-market benchmark S&P added 0.10 points -- just enough to set a new high of 2,000.12.The blue-chip Dow Jones Industrial Average edged up 0.09 percent to 17,122.01.