Tokyo, (UrduPoint / Pakistan Point News – 29th Nov, 2022 ) :Tokyo stocks opened lower on Tuesday after Wall Street stocks slumped on worries about China‘s zero-Covid policy and caution ahead of key US economic data.
The benchmark Nikkei 225 index was down 0.65 percent, or 183.91 points, at 27,978.92 in early trade, while the broader Topix index slipped 0.60 percent, or 12.04 points, to 1,992.27.
Unhappiness over China‘s strict Covid-19 restrictions has sparked a wave of nationwide protests not seen since pro-democracy rallies in 1989 were crushed, and security forces have since filled the streets of cities like Beijing and Shanghai.
The unrest erupted after months of mounting frustration over tough coronavirus restrictions, pointing to public division over a hardline stance that has slowed the world‘s second-biggest economy.
“Japanese shares are seen starting with falls” after “the US market plunged on growing worries that protests against Covid measures could invite a worsening of the Chinese economy that in turn could spread to the world economy,” said senior market analyst Toshiyuki Kanayama of Monex in a note.
The Dollar fetched 138.69 Yen in early Asian trade, against 138.87 yen in New York late Monday.
In Tokyo, Sony Group was off 1.00 percent at 11,395 yen, SoftBank Group was down 1.82 percent at 5,932 yen, and Toyota was down 1.21 percent at 2,008.5 yen.
China-linked shares were also lower, with industrial robot maker Fanuc slipping 0.86 percent to 20,270 yen, and construction machine maker Komatsu down 0.95 percent at 3,114 yen.
Japan’s jobless rate stood at 2.6 percent in October, unchanged from the previous month, official data released before the opening bell showed. The data did not prompt strong market reactions.
Read More: Tokyo Stocks Open Lower Tracking US Losses – UrduPoint