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Tokyo’s Nikkei index opens marginally lower

Tokyo’s Nikkei index opens marginally lower

Tokyo: Tokyo’s key Nikkei stocks index opened slightly lower on Tuesday, as investors took to the sidelines ahead of results from the US Federal Reserve’s meeting this week.

The benchmark Nikkei 225 index was down 0.08 percent or 15.99 points at 21,108.01 in early trade, while the broader Topix Index was up 0.05 percent or 0.77 points at 1,540.51.

The US market ended modestly higher amid investor caution ahead of a highly anticipated Federal Reserve meeting, which is expected to give further hints about what would be the central bank’s first rate cut in more than a decade.

The Fed raised rates nine times over the last three and a half years as the economy recovered and put millions of Americans back to work.

But President Donald Trump’s aggressive tariff policies have shaken confidence and some central bankers have begun to acknowledge a chill in the air.

“As US shares closed up but only by a very small margin, the Japanese market will likely be dominated by a wait-and-see attitude,” Yutaka Masushima, market analyst at Monex, said in a commentary.

The dollar fetched 108.52 yen in early Asian trade, against 108.53 yen in New York late Monday.

In Tokyo, exporters were mixed with some bargain-hunting purchases supporting the stock.

Sony was down 0.90 percent at 5,584 yen while Panasonic was up 1.21 percent at 868 yen and Toyota was up 0.83 percent at 6,783 yen.

Market heavyweight and Uniqlo casual-wear operator was down 0.40 percent at 66,660.

On Wall Street, the Dow closed up 0.1 percent at 26,112.53.

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