Tokyo stocks open lower on prospect of prolonged U.S. rate hikes

Tokyo stocks opened lower Friday as stronger-than-expected U.S. private sector jobs data fueled expectations of more interest rate hikes by the Federal Reserve, stirring fears over the impact on the economy.

In the first 15 minutes of trading, the 225-issue Nikkei Stock Average fell 445.12 points, or 1.36 percent, from Thursday to 32,327.90. The broader Topix index was down 28.75 points, or 1.26 percent, at 2,248.33.

Every industry category except marine transportation lost ground, led by mining, machinery, and electric power and gas issues.

At 9 a.m., the U.S. dollar fetched 143.95-98 yen compared with 144.01-11 yen in New York and 143.91-92 yen in Tokyo at 5 p.m. Thursday.

The euro was quoted at $1.0888-0892 and 156.73-82 yen against $1.0887-0897 and 156.85-95 yen in New York, and $1.0855-0856 and 156.22-26 yen in Tokyo late Thursday afternoon.

© Kyodo News