Tokyo stocks open lower on concern over prolonged U.S. rate hikes

Tokyo stocks opened lower Thursday on worries over prolonged monetary tightening by the U.S. Federal Reserve following the central bank's policy meeting the previous day.

In the first 15 minutes of trading, the 225-issue Nikkei Stock Average fell 141.33 points, or 0.43 percent, from Wednesday to 32,882.45. The broader Topix index was down 4.50 points, or 0.19 percent, at 2,401.50.

On the top-tier Prime Market, decliners were led by precision instrument, electric appliance and pharmaceutical issues.

At 9 a.m., the U.S. dollar fetched 148.30-33 yen after hitting a 10-month high of 148.36 yen in New York as expectations for prolonged U.S. monetary tightening led to a rise in long-term U.S. Treasury yields.

The U.S. currency fetched 148.28-38 yen in New York and 148.13-15 yen in Tokyo at 5 p.m. Wednesday.

The euro was quoted at $1.0648-0652 and 157.91-158.00 yen against $1.0655-0665 and 158.11-21 yen in New York, and $1.0689-0691 and 158.34-38 yen in Tokyo late Wednesday afternoon.

© Kyodo News