Tokyo’s Nikkei index slips at open

AFP – Tokyo’s key Nikkei index opened lower on Monday as investors digested weaker-than-expected US jobs data.

The Nikkei 225 was down 0.04 percent, or 8.80 points, at 21,190.77 in early trade, while the broader Topix index was up 0.11 percent, or 1.66 points, at 1,538.76.

“As the US market last week was mixed, the Japanese market is seen moving in a narrow range,” Toshiyuki Kanayama, senior market strategist at Monex, said in a commentary.

A wait-and-see attitude is dominating the market with the dollar-yen barely reacting to the revised Japanese GDP data released 10 minutes before the opening bell, analysts said.

Japan’s April-June quarter GDP growth figure was revised down to 0.3 percent from the preliminary estimate of 0.4 percent growth, according to data released by the Cabinet Office.

The revision was largely in line with market expectations.

The dollar fetched 106.97 yen in early Asian trade, against 106.95 yen in New York late Friday.

Trade lacked a clear sense of direction in Tokyo, with Sony gaining 1.22 percent to 6,438 yen while Panasonic slipped 0.61 percent to 845.1 yen.

Automakers were also mixed with Toyota up 0.48 percent at 7,064 yen, while Honda was down 1.24 percent at 2,700 yen.

Nissan was down 0.68 percent at 669.4 yen amid reports that its chief executive plans to resign after admitting he received more pay than he was entitled to.